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Open the gates So, what can President Trump do about the trade deficit? Candidate Trump threatened harsh protectionist measures, such as a 45% tariff on Chinese imports, but history shows that protectionism does not reduce trade deficits. He also threatened to name China a "currency manipulator" and at one point during his campaign went so far as to accuse it of "raping" the US with its trade policy. For years China intervened to keep its exchange rate low, which kept the price of its goods down and helped increase the US deficit. But more recently its central bank has kept the currency high - making its exports more expensive - and it is in the US's interest to encourage more of this. Image copyright Getty Images Image caption The US has long been spending more on goods from other countries than it sells The most promising route for President Trump is to negotiate better access to Chinese consumers. China has many restrictions on imports, for example a 25% tariff on cars. And while the US sells a lot of agricultural products to China, notably soy beans, key markets like beef and pork are highly restricted. Probably most important for the US is that modern service sectors like finance, social media, telecommunications, health care and transportation are largely closed to imports and foreign investment. So far there has been little progress, but opening China's markets would offer more choice to its own consumers and would help maintain a stable relationship with the US. China's economy depends on keeping the trade flowing with its biggest customer.