Nobel Laureate Robert Solow once jokingly noted, “I have a chronic [trade] deficit with my barber, who doesn’t buy a darned thing from me.” Is this a problem? Why or why not?  How does this relate to...

Nobel Laureate Robert Solow once jokingly noted, “I have a chronic [trade] deficit with my barber, who doesn’t buy a darned thing from me.” Is this a problem? Why or why not?  How does this relate to the U.S.–China,  U.S.–Mexico, and U.S.–Japan trade deficits?