The president’s tariff approach ignores a more significant problem — the currency misalignment of the dollar and the Chinese yuan — and so could end up doing more harm than good.
Mr. Trump’s presidential campaign sought to channel the anger of many Americans over unfair trade. I understand this anger, having documented in my research the millions of manufacturing jobs lost in the United States as a result of flawed trading relationships with China and Mexico. But rhetoric doesn’t always equal insight, and the president’s approach ignores two key facts.
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