Is the American balance of trade headed toward a surplus?

This strikes me as wishful thinking, but almost certainly true as a matter of its direction:

While Washington wrestles with the nation’s burgeoning budget deficits, some good news has emerged on the other deficit front: The nation’s bloated trade deficit appears to be turning the corner, with at least one prominent economist predicting it will disappear altogether within a decade.

A recent wave of “re-shoring” of overseas manufacturing plants by U.S. chemical, auto and other companies signals the revival of U.S. competitiveness in many industries vis-a-vis Europe, Japan, China and other major trade partners. The trend got a big push recently from a dramatic drop in American natural gas prices, making the U.S. a highly desirable location for manufacturers relying on gas for energy and as a component in plastics, chemicals and other essential materials.

Assuming, of course, we do not kill it off with boneheaded regulation, taxes, and fiscal policy.