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An Opened Upward Missive Of The Alphabet Requesting Answers From Robert Lighthizer

Mr. Robert Lighthizer
United States Trade Representative
Washington, DC

Mr. Lighthizer:

Yesterday you lot informed the Senate Finance Committee that the Trump direction plans to punitively revenue enhancement to a greater extent than Americans who purchase imports.  In that testimony you lot declared that “the president’s view, together with mine, is that when you lot run across a merchandise deficit inwards the hundreds of billions of dollars – together with that deficit goes on for years together with years regardless of changes inwards the broader economic scheme – 1 must together with hence live on concerned that the deficit represents structural problems inwards global trade.”

The flipside of the U.S. merchandise deficit is the U.S. capital-account surplus.  Indeed, “capital-account surplus” is only some other way of proverb “trade deficit” (or, to a greater extent than precisely, “current-account deficit”).  And a U.S. capital-account surplus way both that (1) foreigners honor America to live on an peculiarly attractive house to invest, together with (2) working capital alphabetic lineament – that is, resources necessary to expand the productive capacity together with productivity of the economic scheme – flows from roughly the footing into America.

So let’s reword your disceptation without changing its economical content: “[T]he president’s view, together with mine, is that when you lot run across global investors consistently willing to increase their stakes inwards the American economic scheme to the melody of the hundreds of billions of dollars – together with that economy-expanding fondness for investing inwards America goes on for years together with years regardless of changes inwards the broader economic scheme – 1 must together with hence live on concerned that the investments represents structural problems inwards global trade.”

In calorie-free of the reality that America remains an peculiarly attractive goal for investment,* tin you lot explicate to us Americans just why the continued willingness of foreigners to invest inwards the U.S. economic scheme is a danger to us – 1 that justifies your farther obstructing our liberty to select how to pass our ain money?  And tin you lot elaborate on why you lot believe that something is amiss amongst U.S. authorities policies that neglect to to a greater extent than vigorously block capital from abroad flowing into our economy?

Sincerely,
Donald J. Boudreaux
Professor of Economics
and
Martha together with Nelson Getchell Chair for the Study of Free Market Capitalism at the Mercatus Center
George Mason University
Fairfax, VA  22030

* Although the administration’s merchandise policies create seem to live on designed to greatly cut down the attractiveness of America to investors.

The to a higher house originally appeared at Cafe Hayek.

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