[A]ccording to the Trump trade doctrine: Any deal must increase growth, reduce the trade deficit and strengthen the manufacturing base.Just why is it necessary to "strengthen the manufacturing base"? Perhaps based on comparative advantage, manufacturing work should be done outside the United States.
The idea that the manufacturing base must be improved is shockingly incorrect and pedestrian thinking. A view you would expect to hear from someone who hasn't even taken an economics 101 course.
And as for the idea that the trade deficit is a problem, Murray Rothbard destroyed that myth nicely:
Ross, who may end up a Treasury Secretary in a Trump Administration, and Navarro are simply babbling long discredited mercantilist views.