There are joint and distributional gains from trade. That a rising tide lifts all boats (joint gains) is nice in theory but how those gains are distributed is critical in the competition among nations. Within a country, trade exposes some sectors to competition, and there are some who gain and some who lose. The powers of the state were expected to help compensate those who lost, by job-retraining for example. The Trump Administration is determined to address the large and chronic US trade deficit. Despite the dramatic ongoing improvement in the US energy trade balance, the overall trade balance is deteriorating. ... (full story)