Trade with China is yet part of it, but a symptom rather than a cause. China still regards the USA as their number-one enemy.
Very, very true. Trade deficits are a symptom of unfavorable economic conditions [always government-caused,] not the cause.
Many FReepers misunderstand my support of free trade.
I don't wish to see individual citizens penalized by the government [through tariffs] for trading with someone in a particular country unless that country is declared an enemy.
The regulations, fiscal policy, and monetary policy our government has imposed on us should be changed to eliminate the conditions that make American industry uncompetitive. Now, other countries would still have a comparative advantage in some products, but it wouldn't be a government-imposed comparative advantage.