Free trade is a sacred shibboleth to economists, but this paper is a behavioural economic analysis which points out a psychological flaw based on the phenomenon of Frustration-Aggression. Illustrating how US trade deficits with Asia-Japan, Korea and China-cause generalized economic frustration in the US and hence are significant related to all types of hate crimes. This is similar to the history of pre-WWII Germany. However, Japanese companies, by location substantial production facilities to the US, have been able to significantly reverse this phenomenon. China’s trade defict, largest vis-à-vis the US, shows a strong relationship with hate crimes in the US. In contrast, Korea was an ally of the US unlike Japan and China, with a relatively small trade deficit with the US, and so does not suffer from the stigma of other Asian Countries.

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