A radical trade prescription from the Federal Reserve: Stop complaining about China, and pay U.S. workers better

Since then, the Asian share of the deficit has fallen to 65%, but China became a larger component of that figure. As a result, Reinbold and Wen report, “even though China’s share of the total U.S. goods trade deficit has been increasing rapidly, from around 15% in 1991 to 45% around 2016, it has not increased Asia’s share of that deficit.”

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