I get how bad trade wars are but what I’m not getting is how a country is supposed to run large trade deficits long term without suffering, especially when they struggle to compete globally in most sectors AND their trading partners engage in unfair trade practices. I just don’t see what else you are supposed to do.
“Make yourself more competitive” ? Good luck vs China and their unlimited cheap labour force with government subsidies, logistical ownership and currency manipulation. “Focus on higher-level products” ? China is competitive in that too