The history of U.S. trade policy amply demonstrates that dollar overvaluation and the huge and growing trade deficits that it spawns are by far the most accurate predictors of U.S. protectionism.

The point is -- ad we know this from history -- that if currencies remain way out of line, trade protectionism follows.

The main problems that undermine the prospects for a successful Doha round lie outside the negotiations themselves.

The (Federal Reserve) should certainly emulate the decline in market (interest rates) and should cut by a least a full percentage point, building on the steps already taken.

I think it's a matter of a few years.

So what we're showing in our numbers (is that the) bilateral deficit with China should really be interpreted as a U.S. deficit with all of Asia, not as a bilateral problem with China to be singled out.