Authors
Steve HankeCaleb Hofmann
Outlet
Fortune Magazine
Type
Op-ed
Date published
April 18, 2025
Countries/regions
United States of AmericaWorld
Topic
Trade
Permalink
Last edited time
Aug 7, 2026 3:32 AM
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The U.S. Trade Deficit: It's Time to Dump Do-It-Yourself Economics and Go Back to Basics
Author: Steve H. Hanke and Caleb Hofmann
Outlet: Fortune
Date: April 18, 2025
Hanke and co-author Caleb Hofmann argue that the debate over the U.S. trade deficit has been distorted by improvised, 'do-it-yourself' economic reasoning rather than sound theory. They call for a return to basic economic fundamentals, namely the accounting identity linking national saving, investment, and the trade balance, to properly understand why the U.S. runs a trade deficit and why tariffs are the wrong tool for addressing it.
Full Citation:
"The U.S. trade deficit: It's time to dump do-it-yourself economics and go back to basics," Fortune, April 18, 2025. (with Caleb Hofmann)