In this reckoning, the reason those deficits arise is that other countries erect tariffs and other trade barriers against the United States. It follows from this analysis that the solution is to reciprocate by erecting our own tariffs, which will either protect the United States or else get other countries to lower their barriers, either way reducing or eliminating the trade deficits.

Every step in this chain of reasoning is wrong.

Start with the fact that imports are good, not bad. They offer consumers greater variety, such as avocados from Mexico, lower prices on cars from South Korea or greater quality, including Champagne from France. American companies are able to offer better products at lower prices and be globally competitive because they use imported steel, auto parts and precision machinery. Moreover, importing these items frees us up to devote more of our production and employment to higher productivity and higher-wage jobs, including in export industries such as aerospace and software design.

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