@Arianity yes. balance only addresses balance! diversity/resilience of supply of key goods requires distinct policy.

however, balance helps with that, because you don’t have to do endless rounds of trade arguments about “nontariff barriers” or whatever for your industrial policy. you export as much value as you import. your policy can affect what you import + export, but not mercantilistically “cheat” to win net exports. so that buys countries freedom for their industrial policy