I'm just bringing my basic understanding of economics to this issue. So I'm not claiming any expertise.

There was a concept of "comparative advantage" that could justify manufacturing in a less efficient country. I guess I would see a trade deficit as slowly tilting the playing field in another way. Comparative advantages would shift with this tilt; micro-adjustments would find their way into the new economic situation. In the end, the magical supply/demand curve would find a new equilibrium.

I know I'm just babbling. But perhaps the income equality between citizens of all countries is more alarming than trade deficits.