Document Type


Publication Date

Fall 10-8-2018

Persistent Identifier


In our first Hibbs Brief on tariffs and trade, we noted that trade imbalances with a specific trading nation are the natural result of specialization. We wrote that one should not expect annual trading accounts in goods and services to balance between two given countries at the end of each year. There are deficits with some countries, surpluses with others—and different results by nation in different years. However, we expect general balance between our exports and imports across all accounts with all other countries combined, and that’s been our past history.

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