Tariffs revision designed to cure trade deficits have become a live and contentious economic policy issue. Despite the ripples it creates, confronting the trade deficit is long overdue given its importance to such things as reducing the economy’s growth rate, and all that follows in terms of jobs, wages and income. For a long time in the post WWII era, the US trade balance with the rest of the world as a percent of GDP was a small positive number, that is, we had a trade surplus as shown below up until the early l980s. Thereafter, US trade balance swung … Continue reading—>
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