Drawing on their previous research ... I understand the impulse. Letting free trade rip is an easy policy. Putting up giant tariffs is an easy policy. Figuring out some middle path is hard.

Capital Economics estimates that the average tariff is set to jump from about 2% last year to just over 20%—drawing comparisons ... country’s $1.2 trillion trade deficit in goods, which ...

Another positive: The US ran a $12 billion trade surplus with the UK last year. “It’s basically balanced trade,” Cutler told CNN. China, meanwhile, is “a different animal.” ...