Trump Is Right on Trade

To understand why Detroit looks as it does, while the desolate Shanghai Richard Nixon visited in ’72 is the great and gleaming metropolis of 2016, look to our trade deficits.

They also help explain America’s 2 percent growth, her deindustrialization, her shrinking share of the world economy, and the stagnation of U.S. wages as manufacturing jobs are replaced by service jobs.

Those trade deficits also explain the rise of Bernie Sanders and Donald Trump.