The Great Trade Debate

The record trade deficit for the U.S. last year has sparked a growing debate. But the latest numbers show some little-noticed good news

Yup, the $763 billion U.S. trade deficit racked up last year is a record breaker. The bill for oil imports set a new high, as did America's deficit with China, according to the Commerce Dept. report on Feb. 13. The growing deficit has sparked a debate between those who think the U.S. should take action to bring it down (see, 2/14/07, "A Radical Plan to Manage Globalization") and those who oppose government intervention (see, 2/14/07, "Trade Truths for Turbulent Times").

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