A Wall Street Strategist Explains His Trade Deficit With Costco

David Kelly, Chief Global Strategist of JPMorgan Asset Management, explains why the US trade deficit with China doesn't matter. Kelly explains that he runs a trade deficit with Costco and many other retailers. What does matter is whether you run a trade deficit overall. He says the cause for the US trade deficit is the country's budget deficit. Watch the full interview:

Click to view the transcript of the video