Trade Flows and Trade Balances

Last week was supposed to be all about a hugely destructive North American trade war. Instead, that’s been put on hold, while other nightmares have come to the fore. But I’ve had numerous request from readers for a sort of primer on international trade flows, to help them parse the various claims about deficits and all that.So what follows are a set of slides. To be honest, I didn’t have time to write this up fully, so I’ve done an audio narration instead. And I’m making it paid, mainly because those who have taken out paid subscriptions (thank you!) should get something in return. Get full access to Paul Krugman at paulkrugman.substack.com/subscribe