Macroeconomics 15th Edition by James Gwartney, Richard Stroup, Russell Sobel, David Macpherson

Exercise 5

Several members of Congress have been highly critical of Japan and China because U.S. imports from these countries have persistently been substantially greater than our exports to them.
a. Under a flexible exchange rate system, is there any reason to expect that the imports from a given country will tend to equal the exports to that country
b. Can you think of any reason why the United States might persistently run a trade deficit with these countries