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Their wordsPersistent U.S. trade deficits are an epiphenomenal mirror to our persistent capital account surpluses, which are in turn downstream of the beggar-thy-neighbor industrial policies of countries like China and Germany.
Our reading
Efforts to rebuild American industry will fail until global trade and financial imbalances rebalance
Their wordsUntil the global economy rebalances, efforts to rebuild American industry are fighting economic gravity.
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