Leave it to Heritage to nit-pick a colossal mistake. This formula has no basis in theory beyond a two-country model where trade must be reciprocal by definition. In a large open economy, you would expect trade deficits with some countries and surpluses with others according to comparative advantge

James Surowieki figured it out. Trade balance/imports

Later the White House clarified that the president was referring to cutting 65% of funding at EPA, not 65% of staff. This is still significant but if it includes all the cuts and freezes made so far it's less onerous,especially compared to cutting 65% of staff