According to the essay, "BT is a simple concept which says that a country should import only as much as it exports so that trade and money flows are balanced.
[3] A year before Buffett's article, a form of balanced trade was hinted at by William Hawkins, who advocated direct limitations on imports: "the Bush Administration should be taking direct measures to reduce the trade deficit – which means limiting imports, both to defend the dollar's integrity and America's economic strength.
The tariff rate would be designed to take in a portion (e.g. 50%) of the bilateral trade deficit (goods plus services) as revenue.
"[6] Another advocate of balanced trade is Kenneth Davis Jr, former Assistant Secretary of Commerce and former Vice President and Chief Financial Officer for IBM Inc.
[7] The goal of balanced trade is also advanced by Mike Stumo, CEO of the Coalition for a Prosperous America (CPA).