One doesn’t normally look to the Federal Reserve System for radical economic prescriptions, but it’s a good place to find reasoned economic analysis. A recent economic brief from the Federal Reserve Bank of St. Louis offers both: a solid explanation of the U.S. trade deficit, and advice to stop blaming China for the decline in U.S. manufacturing.
What makes this radical isn’t its substance per se, but its variance from Trump administration orthodoxy. Under the sway of Peter Navarro, an economist from UC Irvine, the Trump White House has treated the U.S. trade deficit with China as the whole economic […]
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