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Trump Promised to Cut the US Trade Deficit. His Tax Law Will Widen It

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Last year's Republican tax plan was hailed as a victory for US President Donald Trump, but it carries a hidden cost: a ballooning US trade deficit. As happened after Ronald Reagan's cuts in the 1980s, Trump's cut is almost certain to widen the budget deficit and fuel growth in the US current-account deficit.

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  1. op_dervis1_Mikhail SvetlovGetty Images_PutinXiJinpingshakehands Mikhail Svetlov/Getty Images

    Cronies Everywhere

    Kemal Derviş

    Three recent books demonstrate that there are as many differences between crony-capitalist systems as there are similarities. And while deep-seated corruption is usually associated with autocracies like modern-day Russia, democracies have no reason to assume that they are immune.

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