Maybe we should set up a GoFundMe site to raise money to buy Commerce Secretary Wilbur Ross an introductory book on economics. Based on his speech this week about trade between the United States and China, he clearly needs it.
Speaking to the National Press Club, Ross asked: “If their surplus with us has been good for China, how can trade deficits with them not be bad for us?” The answer can be found in Economics 101. It is simplistic and naive to consider trade surpluses to be “good,” and trade “deficits” to be bad. Growing a robust economy is not a matter of turning imports into exports. Both are vital.
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