Also note that Friedman and his Chicago colleagues set up the Chilean economy when Pinochet asked them how to modernize Chile. Chile is probably the most vibrant economy in the Americas, definitely the strongest in South and Central America.
Friedman has it right - the trade deficit is correcting becuse free markets are doing so. Protectionist demands will do nothing but make the situation worse.
If it is correcting, why has it not corrected. We have been running trade deficits for what seems like forever. I know that much of it is due to oil imports.
Besides what about those who need to work in Manufacturing. Everyone cannot be a software engineer. Even if you are a software engineer (and I know many) you cannot do it much past 40.