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From Noah Smith: Trade deficits are an even smaller amount of GDP. U.S. imports of manufactured goods minus exports are equal to about 4% of GDP per year. Our trade deficit with China is about 1% of GDP. In terms of imported components, America manufactures most of what it uses in production. China’s exports to […]
TweetScott Winship and Bryan Riley masterfully unpack several of the tendentious errors that infect Treasury secretary Scott Bessent’s recent attempt, in the Wall Street Journal, to defend that which is indefensible – namely, Trump’s trade ‘policy.’ Four slices: In a Wall Street Journal op-ed Monday, Treasury Secretary Scott Bessent claimed that “3.7 million Americans lost their […]