"In Gerard Baker's excellent column "Illiberalism Is Suffocating Europe" (Free Expression, Feb. 18), he notes that Europe lags behind the U.S. in the "investment to bolster productivity, raise living standards and revive competitiveness." This is caused in part by capital flight, which is the flip side of the U.S. trade deficit that so worries President Trump and company.
Europeans are spending those dollars not on U.S. goods and services (the trade account) but instead on U.S. financial assets (the capital account). Instead of investing in the stagnant European economy that Mr. Baker describes, they instead are investing in our economy -- i.e., raising our productivity, living standards and competitiveness. Mr. Trump should be laughing all the way to the bank.
Woody Eckard
Evergreen, Colo." [1]
1. A Short Lesson on the Trade Deficit for President Trump. Wall Street Journal, Eastern edition; New York, N.Y.. 27 Feb 2025: A16.
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