Stephen Roach: 'Trade deficits don't occur in a vacuum'

Stephen Roach, former Morgan Stanley Asia chair, weighs in on National Trade Council Director Peter Navarro's comments to CNBC about trade and the economy.

Stephen S. Roach, former Chairman of Morgan Stanley Asia and the firm's chief economist, is a senior fellow at Yale University's Jackson Institute of Global Affairs and a senior lecturer at Yale's School of Management. He the author, most recently, of Unbalanced: The Codependency of America and China and Stephen Roach on the Next Asia: Opportunities and Challenges for a New Globalization.