[JasonC]

What in your opinion does a trade deficit have to do with the gains from trade? Is trade profitable inside a country but not outside?

[PositiveCogins]

Easy. The value of the money earned. The buying power. Wealth is determined on the value of the currency in trade.
I may see your point here. Todays deficit may loose it's value over time as the currency looses value. But doesn't the deficit debase the buying power of the currency in the first place?