Ronald Reagan

Trump's apocalyptic insecurity

Trump's apocalyptic insecurity

If America continues running a $60-billion annual trade deficit with Mexico, President Trump complained to his south-of-the-border counterpart in a conversation leaked to the Washington Post last week, “We will not be the United States anymore.”

As an evidentiary matter, Trump’s forecast was bonkers, unless you think that 1975—the last year the U.S. ran a trade surplus—marked some kind of economic high-water mark, or...

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