What would happen if we reduced trade deficits quickly?

Fresh from his trip to Asia, President Donald Trump today tweeted that things must change when it comes to trade. “The United States has to be treated fairly and in a reciprocal fashion. The massive trade deficits must go down quickly!” he wrote. Now, most economists disagree with the president on whether the current U.S. trade deficits are the problem he says they are. But if the president could reduce America’s trade deficit quickly, what would happen?

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