1: Bob Murphy's main argument regarding America's current trade deficits is that they weren't necessarily a bad thing. These current trade deficits aren't really a loss but more so a balance because the dollars that are spent on imports eventually come back. They come back to us because of the foreigners that invest in American stock and or real estate.
2: Murphy uses scripture to show that trade should be a personal choice. He connects it to one of the commandments, thou shall not steal, and basically says that if two parties want to trade there shouldn't be government intervention.