Global trade imbalances are, once again, largely the result of Chinese and American trade imbalances. China's surplus has increased even as the pandemic has reduced global trade, as has the U.S. defi…

The U.S. likes talking about the dominance of the dollar. But don’t short-change China’s current dominance of manufacturing trade. Trade imbalances need to be taken seriously again.

Stalled export growth is more a function of the strong dollar than of Trump's trade wars. U.S. non-petrol exports haven't grown over the last five years.

There are growing calls for a global coalition of U.S. allies to pressure China to change some of its most egregious commercial practices. That makes some sense, even if it is much easier said tha…