U.S. President Donald Trump has made closing America’s trade deficit with China a top priority. The problem is, it’s growing instead. For Trump, that’s probably more proof that his tariff-heavy, get-tough approach to China is the correct strategy. For economists, it’s not such a big deal. The U.S. economy is roaring, and roaring economies tend to import more. There’s another reason, too, why the trade balance is the wrong figure to focus on. It only captures one part of the greater economic relationship between the U.S. and China — and only as that relationship currently stands. Fixating on it distracts from what ... (full story)