I'm not against Trump in general. He has some good ideas. But when you really listen to his trade ideas they just stink. Go listen to his comments on the 45% Chinese tariff proposal in his Chris Wallace interview. When challenged he basically admits that his proposal is just a bargaining tool and would never be imposed. The reason: The Chinese would back down when faced with the economic depression that would result. Even Trump knows that large tariffs are not really going to happen. Just bargaining chips with the Chinese and others.
What people don't get about the "Trade Deficit" is that the those $Billions flow back into the U.S. as investments. Some admittedly goes to finance our Federal Government but much of it is invested in U.S stocks and bonds and real estate. Those investments create American jobs.
There is NO BALANCE OF TRADE. We import goods. We export goods. We import more than we export. Money ends up overseas and is invested back in the U.S. That what actually happens. Tax that transaction with tariffs and you will get less goods and less investment. And you will sell a lot less to the Chinese.
I know - the ‘Trade Deficit’ is offset by the ‘Current Account’. In business school I was taught economics by the best: Walter Williams. He always stressed that point.
However, there are problems with the trade. The capital investment that comes back to the US is not always job producing investment, often it is real estate, or stock ownership with no net change in jobs or production, but a loss of controlling interest in our own industry. As we have found with energy, there are scrutiny benefits to being self reliant, having a healthy domestic production of natural resources, food, technology.
There is no doubt that our standard of living is falling while that of our trading partners increases.
Still I agree tariffs are not good - best see as a bargaining chip and never actually used. That was my whole point! Peace through strength is the same principle - maintain superior military power, and the reputation for using it if necessary, and hopefully never have to use it.