On Monday, President Trump called trade a privilege. Here’s what Trump gets wrong.

In his press conference on the long-awaited agreement on the USMCA trade deal that replaces the North Atlantic Free Trade Agreement, Trump told the audience, “It’s a privilege for them to do business with us. And I am not talking about Mexico. I’m talking about everybody – everybody. It’s a privilege for China to do business with us. It’s a privilege for the European Union, who has treated us very badly, but that’s coming along, to do business with us. Japan, every country, it’s a privilege for them to come in and attack the piggy bank.”