Private and public debt bubbles? There's no actual debt or deficit being incurred - it's just using money to pay for goods. We might as well worry that we have a trade deficit with the corner store, or our employer might worry that they have a trade deficit with us. "Trade deficits" are orthogonal to actual debt.

And they don't cause unemployment, they just change the composition of employment. Now, if a country resolutely insists on hampering its own economy with cartels and bizarre regulation, then yes, "trade deficits" can reveal some of those weaknesses more prominently, but they were already there.

Trade deficits are just a mercantilist phantom, conjured up by counting physical goods crossing a border, carefully not counting services and capital investment, and then claiming that wealth is being "drained". It's like measuring evaporation from a lake (exports), ignoring any and all precipitation (payment for exports), and then claiming that the lake is running dry, without actually measuring the water level (per capita income).

"Trade deficits" pretty much always comes down to "foreigners sell us things at a low price, therefore we need to fight them/restrict investment in our economy/make things more expensive for our own consumers". It's never been an actual problem.