Unfair China Trade Costing U.S. Jobs, Wealth and Prestige
OPS_admin | Mar 25, 2010 | Comments 0
Through mercantilism, China has managed to grow its trade surplus with the U.S. from $84 billion in 2001, to $270 billion in 2008.
Since China’s entry into the World Trade Organization in 2001, enormous trade deficits with the Asian nation have resulted in the loss of millions of jobs and precious export capacity, decidedly lower wages and less bargaining power for American workers and the accumulation of massive amounts of foreign debt, according to a new study conducted by the Economic Policy Institute.
“We have allowed the Chinese government to game the system for far too long, with serious consequences for the U.S. economy,” said the report’s author, EPI economist Robert Scott.
From 2001, the year China entered the WTO, until 2008, persistent trade deficits with China resulted in the loss of 2.4 million American jobs, or roughly 345,500 jobs per year. Well over half of those jobs were in the manufacturing sector, where total employment fell by 1.6 million jobs during that period.
Full Story: Unfair China Trade Costing U.S. Jobs, Wealth and Prestige | Economy In Crisis.
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