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The yen's depreciation versus the dollar has contributed to continuing large US trade deficits with Japan.
But the deficits with Mexico and Canada also grew to records.
But he is fiercely competitive, and makes up for his deficits with collaboration and strategy.
National leaders find they can run up huge deficits with no negative effects.
Mr. Angelides, a Democrat, said that financing current deficits with long-term debt was a recipe for fiscal disaster.
Singapore, Malaysia and Thailand have only small trade deficits with China, while Vietnam's has grown substantially in recent years.
Any one of the 27, including those countries that run trade deficits with Britain, would have a veto.
"We are financing all of these deficits with debt," Mr. Rokoff said.
That allowed him to offset the new deficits with the previous surpluses.
At the same time, officials papered over growing deficits with more borrowing.
Accordingly, since 1981 it has run large trade deficits with impunity.
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