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And Japan's rising trade surplus is becoming a cause for concern.
The counterpart to America's foreign borrowing is a rising trade deficit.
Japan's rising trade surplus is adding substantially to the problem rather than contributing to a solution.
There has been a rising trade deficit with the EU since 2005.
Despite rising trade and cooperation with chief foreign backer China, the nation's very future is in doubt.
Mr. Wen said the regional pact would benefit the East Asian countries at a time of rising trade protectionism.
This prospect has raised fears of retaliation and rising trade frictions between the United States and Europe.
The latest moves by the US open another chapter in rising trade tensions between Washington and Beijing.
For all these potential problems, the rising trade deficit has barely caused a ripple on Capitol Hill.
He needs these reforms, to bring public finances under control and persuade foreigners to go on financing a rising trade deficit.
"How can we quantify the actual effect of rising trade on wages?" Mr Krugman asked at the end of his paper.
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CEO of Professional Science Editing for Scientists @ prosciediting.com