Quotation of the Day…

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… is from Adam Posen’s April 9th, 2025, essay in Foreign Affairs – an essay titled “Trade Wars Are Easy to Lose”:

The Trump administration believes that the more you import, the less you have at stake – that because the United States has a trade deficit with China, importing more Chinese goods and services than China does U.S. goods and services, it is less vulnerable. This is factually wrong, not a matter of opinion. Blocking trade reduces a nation’s real income and purchasing power; countries export in order to earn the money to buy things they do not have or are too expensive to make at home.