Vance's insight is good, and one of the important points is that a country's capital balance and commodity balance are actually directly related: capital flow determines trade surplus or deficit.

The reason for China's trade surplus is because China has a capital deficit with foreign countries (more foreign investment), while the United States is the opposite. In other words, the super strong stock market and overdeveloped debt in the United States are the root causes of the US trade deficit.

How to reverse this? No one wants to bring down the stock market, so there is only one way, the government should stop borrowing.

The problem is that the deficit will only get bigger and not smaller in Trump's administration.

Conclusion: Everything is just talk.

Of course, deregulation is a good thing, there is no doubt about that.