Who Will Pay the Price for Trump’s Economic Goals? - WSJ
Explaining what President Trump really wants has become a thriving industry in its own right, often proved wrong as soon as it is published. Two things are clear about his tariff policy, however: He wants a lower trade deficit and he wants investment to rebuild U.S. manufacturing. True believers who think he might achieve those goals should think through what else has to happen as a result.The starting point is the balance of payments, the broadest measure of trade and investment in and out of the economy. Its two sides have to balance: the current account, which tallies up trade flows and some other stuff not worth getting into; and the capital and financial accounts, which measure, well, capital and money flowing in and out to buy things such as stocks and bonds and investments in factories.