THIS MAY BE THE YEAR in which we get some proof that we should be careful what we wish for. The chorus of those demanding that we correct what have come to be called “imbalances” is rising to a decibel level at which it might actually affect policy.

The most prominent of the worrying imbalances is our trade deficit. Now running at over 6 percent of GDP, even after declining in November, it is said to be unsustainable. To correct the imbalance members of Congress and some E.U. policymakers are demanding limits on Chinese exports of shoes, apparel, and a host of other products and an upward revaluation of the Chinese yuan.