To the extent that they’re measuring anything, it’s bilateral balance of trade, though they’re fudging those numbers too based on Trump’s prejudices and grudges.
David Ricardo figured out that balancing bilateral trade flows was a stupid idea over 200 years ago. As a modern economist put it, I have a bilateral trade impalance with my barber too. So what?
To the extent that they’re measuring anything, it’s bilateral balance of trade, though they’re fudging those numbers too based on Trump’s prejudices and grudges.
David Ricardo figured out that balancing bilateral trade flows was a stupid idea over 200 years ago. As a modern economist put it, I have a bilateral trade impalance with my barber too. So what?