There was a massive amount of currency manipulation in 2003-2013 (now persisting at a much lower level) that, because the dollar is the main currency it flows into, tends to skew the trade deficit toward the US.

causalpending

Speaker

Joseph Gagnon

Evidence Quote

there was a massive amount of what we call currency manipulation in the decade 2003 to13.

Source

The changing dollar regime: An updatePeterson Institute for International Economics
Created: 6/18/2026, 1:57:48 PM

My Notes

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