Hinrich Foundation：2025年特朗普、美元和美国贸易政策报告（英文版）

“Reducing external imbalances requires real depreciation by deficit countries, real appreciation by surplus countries. The only exception is where there is large excess capacity in surplus countries.” – Paul Krugman, Adjustment in the World Economy, 1987 The Trump administration has made clear its view that America’s perennial goods trade deficit is a problem, and that it is determined to solve it. Underlying this view is the idea that imports must be paid for eventually by exports and that s