What trade imbalance with China?

PJ O'Rourke is one of my favorite writers, in this article he questions the accepted notion of America's trade imbalance with China:

But there is no such thing as a trade imbalance. Trade can't be out of balance because a balance is what a trade is. Buyers and sellers decide that one thing is equivalent to another. Free trade is balanced trade. You might as well have free love then claim your partner had sex but you didn't. And a certain American president did claim that. Maybe Monica Lewinsky is in charge of America's China policy.

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