President Trump promised to bring down the trade deficit, but it hit a 10-year high last year. But, given that we don’t subscribe to the president’s zero-sum approach to trade, our reaction to the news is to raise a glass to the Trump economy.

America exported $2.5 trillion in goods and services and imported $3.1 trillion, leaving a deficit of $621 billion, the largest since 2008. Back then, the deficit hovered above $700 billion before plunging to below $400 million in 2009. That should tell you something. Remember what happened in 2009? The economy fell off a cliff. A low trade deficit often means the public feels too poor to buy goods and services.