Trade imbalances are bad full stop. The only exception are developing nations that are so tiny they don't destabilize global trade. Trade deficits are bad because the deficit nation has to take on debt. Trade surpluses are bad because the surplus nation forces debt onto deficit nations.

I said trade imbalances, trade itself is good and there is nothing wrong with being a trade champion.

That debt hat to be taken on by someone. The private sector doesn't want it. We have run out of good borrowers as indicated by the 2008 financial crisis. Interest rates drop to 0% as money is not finding any takers. So the government must take the debt and forcibly invest it as the borrower/investor of last resort.

Just address the problems at their root. Stop saving too much money and stop foreign nations from dumping their savings into your country. When people invest too much into land tax it appropriately. These are century old problems. They aren't new.