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America First, China Strategy LastIn the greatest of great-power competitions, US foreign policy is adrift
Elizabeth Economy Monday, October 6, 2025 
New Nobel Laureate Joel Mokyr on How a “Culture of Growth” Created the Modern World
James Pethokoukis | AEIdeas
Beyond Strategy: Executing Economic Security Policy by Chris Díaz and Aroop Mukharji
Imagine a National Security Council where economic officials have a permanent seat. A “pivot to economics” could redefine American power.
For 25 yrs, trade deficits funded debt-fueled consumption, not business investment, addicting voters to government spending without higher taxes (or inflation). If tariffs reduce trade deficits, it could raise interest rates, worsening this imbalance.
The $1.134tn current account deficit of the US absorbs the bulk of the surplus saving of China, Germany, Japan, and a host of other countries. The “domestic counterpart … is not funding of the private sector but borrowing by the government.”
Some observers suggest that China’s large trade surplus must be the result of unfair practices like subsidies.
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VERMILLION CHINA
BRAD SETER FOLLOW THE MONEY
US-CHINA TRADE WAR EXAMINED
TRADE WAR DIARIES
CROSS BORDER CAPITAL FLOWS
THE CHINA DIGEST
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