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https://carnegieendowment.org/chinafinancialmarkets/76777

Trade deficits and surpluses typically force monetary and other economic changes in the affected
countries that tend to eliminate the imbalances. The fact that many large economies have run
substantial trade surpluses or deficits year after year, sometimes for decades, violates trade and
economic logic; this pattern is evidence that mercantilist policy distortions, either in the surplus
countries or in the deficit countries, are preventing trade from adjusting.

「すべての国が貿易戦争で失うという考えは的外れ」

The idea that all countries lose in a trade war is unintelligible. This cannot possibly be true, not just
because there is overwhelming historical evidence that countries have benefitted from trade
intervention but also because the claim is logically impossible. Whether countries benefit or lose
from trade intervention depends on the underlying institutions that mediate trade and capital flows,
the extent of existing trade and capital flow imbalances, and the types of intervention employed.

While tariffs and other forms of trade intervention may indeed raise prices for consumers, this is only
one way, and often a minor way, in which these policy tools affect households. Depending on
underlying conditions, they may also reduce unemployment, cause wages to rise, and reduce the growth of debt.

アメリカは貿易戦争には勝てるだろうが、憂慮すべきは既に過熱気味のアメリカの景気が冷えることではなく、さらに加熱することだ