President Trump made the following remark this weekend: We were losing hundreds of billions of dollars with China. Now we’re essentially not doing business with China. Therefore, we’re saving hundreds of billions of dollars. Very simple. This claim has been widely mocked, because most of us understand that "buying stuff" and "losing money" are not the same thing. The hundreds of billions of dollars Trump says we were "losing" to China refers to our bilateral trade deficit with that countr...
