Lighthizer, who campaigned with President Trump, serves as an unofficial adviser. He was reportedly passed over for Treasury secretary, but he remains close to the president. Lighthizer says U.S. trade with China has largely benefited an adversary who has engaged in stealing trade secrets and other malicious actions.

Conversely, China exports more than it imports, runs more modest national government deficits and enjoys a current account surplus of about 2 to 4% of its GDP. Without reducing the federal deficit or putting the skids on U.S. investment and growth, Mr. Trump can’t reduce the trade deficit with just tariffs.