Rebalancing the world economy: Right idea, wrong approach

In this long form @Brookings Institution essay, I suggest a four-part US-Europe-China (G3) accord to address the fundamental drivers of the world economy’s large and persistent imbalances more directly and cooperatively. The Administration’s recent “reciprocal” trade initiative is rolling the dice with global economic growth and financial stability, while focusing more on the symptoms than primary causes of the US trade deficit. Europe appears to be best positioned to broker a way out of the present crisis.