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Trump Promised to Cut the US Trade Deficit. His Tax Law Will Widen It

Summary:
Last year's Republican tax plan was hailed as a victory for US President Donald Trump, but it carries a hidden cost: a ballooning US trade deficit. As happened after Ronald Reagan's cuts in the 1980s, Trump's cut is almost certain to widen the budget deficit and fuel growth in the US current-account deficit.

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Last year's Republican tax plan was hailed as a victory for US President Donald Trump, but it carries a hidden cost: a ballooning US trade deficit. As happened...

Jeffrey Frankel
Jeffrey Frankel, a professor at Harvard University's Kennedy School of Government, previously served as a member of President Bill Clinton’s Council of Economic Advisers. He directs the Program in International Finance and Macroeconomics at the US National Bureau of Economic Research, where he is a member of the Business Cycle Dating Committee, the official US arbiter of recession and recovery.

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