This piece originally appeared in the New York Times.
There is a way to rebalance America’s trade with the rest of the world, and it isn’t through tariffs. We should instead be laser-focused on raising our export capacity.
That means investing in techno-industrial assets, reducing the time it takes to get permits and creating the financial structure to scale up domestic production for global markets.
America’s trade deficits are not a result of cheating. They are the mirror image of our large capital surpluses, which in turn derive from the dollar’s status as the preferred parking spot for the world’s savings.
