Donald Trump just jumped the shark calling himself, “Mr. Tariff.” He believes a trade deficit is akin to stealing the wealth of a nation. It isn’t.
Under normal conditions a trade deficit is simply a reflection of the difference in comparative advantage of one country’s workers over anothers. And the value of the currency is supposed to rise and fall to offset that state of affairs over time.Donald Trump has, in the words of David Stockman, “A 17th century view on global trade…..