The US is currently grappling with the challenge of ‘twin deficits’ — high fiscal and trade deficits. The liberal trade policies pursued by successive US administrations have benefited American consumers but also contributed to trade imbalances.Over the years, several countries, including China, Japan, and Vietnam, have benefited from this openness and significantly boosted their exports to the US. At the same time, many of these countries have erected tariff and non-tariff barriers against US goods.
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