A One-Dimensional Focus on Balanced Trade Does Not Support the Case for More Tariffs: A Response to Robert Lighthizer

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cato.org

Kyle Handley
Kyle Handley

Robert Lighthizer, former US trade representative.

Robert Lighthizer’s recent New York Times op-ed presents a dire view of US trade policy, arguing that trade deficits, foreign ownership of US assets, and policy failures have left the country vulnerable. His solution? An elaborate new system of tariffs designed to enforce balance in bilateral trade. But this one-dimensional argument is built on a misleading interpretation of data and an outdated understanding of trade; it’s also simply unrealistic.
There is a balance of payments where US deficits in goods and services trade are offset by net capital inflows. Without digging too deep into the data, one can do a little accounting on both sides of the ledger sheet to see that the US trade and investment positions are not the lose-lose situation that Lighthizer claims. Foreign capital plays an important role in financing US growth; US services exports are a key strength ignored when focusing on goods trade; and bilateral trade imbalances—when examined closely—do not support his theory that foreign trade partners running a surplus are engaging in wholesale predatory behavior at the expense of their own citizens.
The Misleading $20 Trillion Foreign Wealth Transfer
One of Lighthizer’s central arguments is that the US has “transferred” $20 trillion of its wealth to foreign entities. The implication is that the country has been drained of resources due to trade deficits, leaving it at the mercy of foreign creditors. But this is a misrepresentation of what these international investment flows mean in practice.
The $20 trillion figure he cites refers to the net international investment position (NIIP), which measures the difference between US-owned assets abroad and foreign-owned assets in the United States. When we look at gross versus net figures, they tell a different story: As of Q3 2024, US assets abroad totaled $37.86 trillion,  » Read More
https://www.cato.org/blog/one-dimensional-focus-balanced-trade-does-not-support-case-more-tariffs-response-robert

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Voluntary Customer Surveys

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Special Cases

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Browser Level Information

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Notice of Compliance to California Residents: Your California Privacy Rights Under the California Online Privacy Protection Act and the California Business and Professions Code

This privacy policy identifies the categories of personally identifiable information that our company collects through our web site or online service, about individual consumers who use or visit our company’s commercial web site or online service and the categories of third-party persons or entities with whom our company may share that personally identifiable information.

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Depending on the visitor’s activity, in our commercial web site or online service, the following “personally identifiable information” may be collected, in addition to information set forth in other sections of this document.

The term “personally identifiable information” means individually identifiable information about an individual consumer collected online by our company from an individual and maintained by our company in an accessible form, and may include any of the following:

  1. A first and last name.
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Types Of Information We Collect

The following provides examples of the type of information that we collect from you and how we use that information.

Context
Types of Data
Primary Purpose for Collection and Use of Data
Account Registration
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Client Information
We collect the name, and contact information, of our clients, affiliates, and their employees with whom we may interact.
We have an interest in contacting our clients and communicating with them concerning normal business administration such as projects, services, and billing.
Cookies and First Party Tracking
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We use this information to ensure our website operates efficiently.
Cookies and Third Party Tracking
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Demographic Information
We may collect personal information, such as your age, location, and gender.
We use this information to comply with applicable laws.
Email Interconnectivity
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Employment
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Feedback/Support
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Mailing List
When you sign up for one of our mailing lists we collect your email address or postal address.
We share information about our products and services with individuals that consent to receive such information. We also use this information to share information about our products or services.
Mobile Devices
We collect information from your mobile device such as unique identifying information broadcast from your device when visiting our website or when visiting one of our stores.
We use this information to identify unique visitors and understand how users interact with us on their mobile devices.
Order Placement
We collect your name, billing address, shipping address, e-mail address, phone number, and credit card number when you place an order.
We use your information to perform our contract to provide you with products or services.
Partner Promotion
We collect information that you provide as part of a co-branded promotion with another company.
We use this information to fulfil our promotions.
Surveys
When you participate in a survey we collect information that you provide through the survey. If the survey is provided by a third party service provider, the third party’s privacy policy applies to the collection, use, and disclosure of your information.
We use this information to understand your opinions and collect information relevant to our organization.
Sweepstakes or Contests
When you participate in a sweepstakes or contest we collect information about you which includes contact information to notify you if you are selected.
We use this information to operate the sweepstakes. In some contexts we are also required by law to collect information about those that enter into our sweepstakes.
Website Interactions
We use technology to monitor how you interact with our website. This may include which links you click on, or information that you type into our online forms. This may also include information about your device or browser.
We use this information to understand how you interact with our website to better improve it, and to understand your preferences and interests in order to select offerings that you might find most useful. We also have a legitimate interest in detecting and preventing fraud.
Web Logs
We collect information, including your browser type, operating system, Internet Protocol (IP) address (a number that is automatically assigned to a computer when the Internet is used), domain name, click-activity, referring website, and/or a date/time stamp for visitors.
We use this information to monitor our networks and the visitors to our websites. Among other things, it helps us understand which of our products or services is the most popular.

Revisions to This Policy

Our company reserves the right to revise, amend, or modify this policy, our Terms of Use and Service, and our other policies and agreements at any time and in any manner, by updating this posting. Your use of this site after such changes are implemented constitutes your acknowledgement and acceptance of there changes. Please consult this privacy statement prior to every use for any changes.

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PaperlessTimes is really just a hobby site comprised of some of my favorite and most read conservative leaning sources.  The main idea is just aggregate RSS feeds centralized in one area so I can simply take a quick look at the latest articles and pop on over to the full article if wanted; saves a bit of time from going from site to site looking for something that might interest me.

I long ago lost any faith in what is commonly known as mainstream “news” recognizing that it’s not just how a story is framed, but also what is omitted in what passes for information these days.  There are many, many great authors and thinkers in conservative thought who have the freedom to focus not on narrative and instead on substance.

This is always a work in progress for my own use, but if you find it useful, that is awesome.  If there’s a feed you read that you would possibly like added, (always interested in expanding), have any complaints or suggestions, feel free to use the contact form .  There is a bit of marketing on this site which is more of a test run for developing stuff.  If anything catches your eye, buy away, for it does go to me.

thanks, Steve

 

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