What’s the problem with the trade deficit?

Americans are getting actual products and services in return for depreciating IOUs.

It’s like a loan where the lender pays interest.

Why would anyone be against that?

Note: This is different from the strategic interest in maintaining domestic industries. That’s very defensible. But I don’t understand the fear of a trade deficit denominated in your own currency (other countries have bigger genuine concerns with a dollar denominated trade deficit, because if their currency falls against the dollar suddenly, they’re kind of screwed, at least in the short term).