Richard Clarida is correct that fiscal consolidation was crucial to reducing the US trade deficit in the 1980s (Markets Insight, April 29). If the US wants to reduce its trade deficit now, it must exercise fiscal restraint. Using tariffs without discipline to reduce the trade deficit is like an overweight man abandoning self-control and blaming the doughnut shop for his obesity.
Willem Thorbecke
Senior Fellow, Research Institute of Economy, Trade and Industry,
Tokyo, Japan
