Growing U.S. trade deficit with China cost more than 2.7 million jobs…
between 2001 and 2011, with job losses in every state China Economic Policy By Robert E. Scott | August 23, 2012
“Since China entered the World Trade Organization in 2001, the extraordinary growth of trade between Chinaand the United States has had a dramatic effect on U.S.workers and the domestic economy, though in neither case has this effect been beneficial. The United States is piling up foreign debt and losing export capacity, and the growing trade deficit with China has been a prime contributor to the crisis in U.S. manufacturing employment. Between 2001 and 2011, the trade deficit with China eliminated or displaced more than 2.7 million U.S.jobs, over 2.1 million of which (76.9 percent) were in manufacturing. These lost manufacturing jobs account for more than half of allU.S. manufacturing jobs lost or displaced between 2001 and 2011…” Read the post here.
ChinaSolved says: Lot’s of great data, but asks the wrong questions. Did China steal US jobs, or did US corporations (and private equity investors) push jobs offshore? A policy response to China’s unfair competitive practices won’t bring jobs back to the US — it will just push them to Bangladesh, Indonesia or the next emerging market. Discuss at ChinaSolved’s Linkedin group