Karen Karniol-Tambour argues that "If the United States is unwilling to continue to run big trade deficits, it means that the “pie” available to everyone else to produce more than they consume is shrinking."

This is a key, and often-overlooked, point.

https://www.nytimes.com/2025/03/10/opinion/tariffs-europe-trade-war.html?smid=bs-share