Politicians claim that trade deficits are due to the lack of trade barriers. However, as Ludwig von Mises explained, one cannot separate trade and sound money,

Last year the UK’s trade deficit in goods stood at 8 per cent of GDP, its largest since consistent records began almost three decades ago. That was roughly double the US figure that same year (based on data up to November),

Japan's trade deficit narrowed to JPY 117.6 billion in July, a significant decrease from the previous year. However, this was not enough to meet market expectations for a surplus. The deficit was driven by a 2.6% drop in exports—the steepest decline ...