Dear Mr. Thomas Klitgaard:
I understand that the subject of trade deficits is of interest to *You*. But to try and elevate this to a national concern is premature. The BIG problem is overspending by the Federal government. Once *that* gets solved, then maybe, maybe it'll be time to worry about trade deficits.
This is a common fallacy, though surprisingly I can't find a widely-accepted name for it. I call it the "one thing at a time" fallacy. In the case of individual humans it's valid to want to focus solving one problem before addressing another, but in large organizations it doesn't make sense. Some degree of focus is good, but large organizations not only can but must work to solve multiple problems at the same time, because their size means that they have too many problems to address them serially.
If both the federal debt and the trade deficit are real problems, then we absolutely should work toward solving both of them at the same time. If one is more important than the other then it makes sense to put more effort into the larger one, but under no circumstances does it make sense to simply ignore one problem until another is solved.
In this particular case, I agree with your conclusion -- that we should focus on the federal debt -- because high government debt is risky, and I don't think trade deficits are a problem at all (though they may be symptoms of other problems). This isn't because we should solve one problem at a time, but because only one of the two things is a problem.
Unfortunately, we have an administration that not only has this backwards, but is making aggressive moves toward solving the non-problem that are exacerbating the actual problem. Trump's tariffs are doing damage to the global perception of our economy's stability and to its actual strength, both of which are boosting debt servicing costs, making our existing high levels of federal debt more dangerous. At the same time the GOP wants to make big tax cuts that will add $6T+ to the debt that must be serviced at those higher rates.