The external imbalance was expanding conspicuously, as observed in the three consecutive months of increase in the trade deficit through July.
逆に米国経済が不況の時には貿易赤字は減り、通商摩擦も低下するが、失業率は上がるのだ。
Conversely, when the American economy was in recession, the trade deficit would shrink and trade friction would ease, but Japan's unemployment rate would rise.
問題は、貿易赤字は一般的には通商政策の結果ではなく、貯蓄や投資決定の結果と捉えられている点だ。
The trouble is that a trade deficit is generally regarded as being the result of savings and investment decisions rather than trade policy.
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