Do Trade Deficits Matter? – The Debate Heats Up

On March 6, Professor Peter Navarro, director of President Trump's White House National Trade Council, gave an important speech, entitled "Do Trade Deficits Matter?," to the National Association of Business Economists.  Navarro is, himself, a business economist with a Ph.D. from Harvard, more than 50 professional publications, and about 30 years of experience as a college professor. Simultaneously, the editorial writers of the Wall Street Journal published a commentary adapted from Navarro's speech.  Then, four days later, they debated his points on their editorial page.  The same debate has also been raging within the Trump administration with economic nationalists, including Navarro, on one side and economic globalists on the other. So who is winning?  The final determination will be up to President Trump.  But if the quality of the arguments determines the outcome, Navarro and the economic nationalists should prevail. Navarro made...(Read Full Article)