Summaries by Anoop Singh

The US-China imbalance is a structural macroeconomic problem, not merely trade policy. China's export reliance arises from weak domestic demand, debt, and financial pressures, making exports its default growth engine. The US deficit reflects persistent fiscal deficits, low private savings, and global demand for dollar assets, strengthening the dollar. Both nations avoid vital reforms: China needs consumption-led growth, and the US requires fiscal discipline and improved savings. Instead, they pursue ineffective tariffs and subsidies, misdiagnosing the issue. True resolution demands confronting these internal macroeconomic foundations, which neither seems willing to tackle.