| 1 | The US needs to cut its trade deficit, China its surplus. | |
| 2 | And with East Asia, unlike with Europe and America, China tends to run trade deficits. | |
| 3 | So how can we eliminate, or at least drastically reduce, our trade deficit with China? | |
| 4 | China' s big surpluses and America' s big deficits depend on the real exchange rate between them and all of their trading partners. | |
| 5 | It would shift the Chinese piece of the US trade deficit to someone else - most likely to a higher cost producer. |
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