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Suppose there are three countries, A, B, and C, with preferences and endowments as above. With unrestricted international trade, A would import from C and export to B. B would import from A and export to C. C would import from B and export to A. C therefore has a "trade deficit" with B, since it is importing from B but exporting nothing to B. If C were to try to "correct" its trade deficit with B by cutting off imports from B,
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