Opinion: The rising trade deficit is the result of faster growth. There's no need to panic, writes The Editorial Board
Where’s the Valium? Mass quantities may be needed to calm the apparent media panic over Wednesday’s Commerce Department report that the U.S. trade deficit hit a record last year. Everyone can calm down, and President Trump can take a bow that his tax reform and deregulation are working as intended.
“In a Blow to Trump, America’s Trade Deficit Hit a Record $891 Billion in 2018—the highest it’s ever been,” read a summary in one newspaper that seems to want Mr. Trump to blow up at the news. The trade deficit grew 12% last year...Chief White House economist Kevin Hassett was right about growth in 2018. Former Obama and Clinton adviser Larry Summers wasn’t. Image: Getty
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