Protectionism worked great but they carried it to far. PLUS there because too many Asian copycats. China and Indonesia can produce much cheaper than Japan and Korea as long as the factory can be situated there. The tech markets are flooded. LCD monitors and computer memory (DRAM) being good examples. Too many producers (due to spread of technologies) and not enough buyers.
Free trade works.
Our trade deficit is huge and is coming back to bite us ........ RIGHT NOW!
These deficits are one reason the US dollar is sinking.
Why is it that we don't worry about Texas having more trade with California than California has with Texas? Because that trade is FREE. And the books will always balance in the end. They don't just take our money and burn it in a kiln somewhere. Maybe if we started calling it an IMPORT SURPLUS folks would be less intimidated by this boogyman