W ith the continuing discussion of the need for the U.S. and China to enter trade negotiations, it is important to understand that any negotiations will be about much more than trade. In my dreams, I can imagine the two countries working out a beautiful rebalancing—one in which the unsustainable excesses both countries now face are reduced to levels that are sustainable. The problem as I see it is that both countries are currently stuck in an unsustainable cycle in which Americans buy massive