Trade deficits caused by foreign borrowings; Harvard economist at Sri Lanka forum. Robert Lawrence, February 9, 2018, Video, “Trade and current account deficits are a result of foreign borrowings, a US economist told a forum in Sri Lanka as US President Donald Trump mistakenly attacked trade deficit based on false Mercantilist doctrine. Exporting more will not reduce a trade deficit, Robert Lawrence, a professor at Harvard University’s Kennedy School of Business told an economic forum organized by Advocata Institute, a Colombo-based think tank.Link