Running a trade deficit doesn't inherently mean you are losing utility from the trade. Your trade deficit with Walmart (or Costco, or whatever) is negative but

Running a trade deficit doesn't inherently mean you are losing utility from the trade. Your trade deficit with Walmart (or Costco, or whatever) is negative but both of you gained from the trade. China cheats, and there is no doubt in that; but I am not convinced that US's trade deficit is purely or even mostly a result of that.