US policymakers should forget punitive tariffs against Chinese imports, letting China grow rich might do the trick Many take as fact that the current pattern of global imbalances – large and persistent trade deficits and surpluses across different parts of the world, eventually unsustainable – is due to China and the rest of east Asia consuming too little and saving too much. Since the global economy is a closed trading system, trade deficits and surpluses across all national economies must sum exactly to zero always. Therefore, because one part of the world saves too much and runs trade surpluses means other parts of the world – notably the US – must be running trade deficits