If Washington wants to stop giving free rides, its trade partners need to stimulate their economies
The U.S. and China – accounting for more than one-third of the world economy – are coming to terms on their trade problems and are contributing to global demand and output by maintaining strong domestic spending.
Washington must stop that by forcing European and Asian mercantilists to change their ways through bilateral channels and multilateral forums offered by G-7, G-20, the IMF and the OECD. Although Washington bears a large part of the responsibility for that, the present U.S. administration may be forgiven for resorting to bilateral deals for quick relief from highly damaging trade deficits with China, the European Union, Japan, Mexico and Canada. That group of countries account forSo far, the results of that negotiating strategy have been negligible, because the U.S. deficit with those countries has been reduced by only $0.
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