Wednesday , June 28 2017
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You have got to be kidding me

Summary:
If I did not know the source, I might have thought that this report was from The Onion: The Trump administration is considering changing how U.S. trade deficits are calculated, a move that would make the deficit look larger on paper, the Wall Street Journal reported.   People involved in the discussions told the Journal that the leading idea is to count “re-exports” — goods that are imported to the U.S., and then exported to a third country unchanged — as imports, but not exports. The change would inflate the trade deficit number, an important figure in trade negotiations and policy.

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If I did not know the source, I might have thought that this report was from The Onion:
The Trump administration is considering changing how U.S. trade deficits are calculated, a move that would make the deficit look larger on paper, the Wall Street Journal reported 
People involved in the discussions told the Journal that the leading idea is to count “re-exports” — goods that are imported to the U.S., and then exported to a third country unchanged — as imports, but not exports.
The change would inflate the trade deficit number, an important figure in trade negotiations and policy.
Greg Mankiw
I am the Robert M. Beren Professor of Economics at Harvard University, where I teach introductory economics (ec 10). I use this blog to keep in touch with my current and former students. Teachers and students at other schools, as well as others interested in economic issues, are welcome to use this resource.

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