Trade gap with China costs the US $37 billion in wages. The growing trade deficit between the world's two largest economies cost the U.S. $37 billion in lost wages in 2011, a study by the Economic Policy Institute (EPI) has found, and is likely to cost the economy more as the deficit widens further. According to the study, 2.7 million jobs have been lost in the U.S. between 2001, when China entered the World Trade Organization, and 2011, the bulk of which were in the manufacturing sector. The report took 2011 as a snapshot of the cost of these losses and found that when these displaced employees were re-employed in non-trade-related industries, they lost an average of $13,504 per worker in 2011, creating a total of $37 billion in wage losses over the year.
Robert Scott, EPI director of trade and manufacturing policy research said the damage caused by the trade deficit was hurting the U.S. economy, especially America's working families. (Read More: US blames China for breakdown in trade talks) "Allowing the U.S. Last month the U.S. U.S. Relations with China (1949 - Present) U.S.-China Chronology - Issues - Countries - Office of the Historian. Nineteenth Century 1810s: The Opium Trade Began British merchants, seeking a commodity to trade for Chinese goods, began to smuggle Indian opium into China. Seeing that this raised the profit margins of the British, most American firms followed suit, although most obtained their opium from Persia, rather than India. 1821: The Terranova Affair A Chinese woman selling items to an American ship was killed when a sailor on the American vessel threw a pitcher overboard that struck her, knocking her out of her small boat into the water, where she drowned.
Local authorities demanded that the guilty party be surrendered for trial and punishment, but at first the ship’s captain and other merchants refused to comply. However, when it became clear that their resistance was damaging trade, the Americans relented and offered up an Italian crewman named Terranova. 1830: First American Protestant Missionaries Arrived in China 1834: British East India Company Disbanded In 1834, Dr. 1862: First U.S.
ADA488378. w5959. 9 Things You Didn't Know About Our Trade Deficit with China. In 2001, China joined the World Trade Organization (WTO). America's workers have felt the consequences ever since. A new report from the Economic Policy Institute examines the primary result in the United States of China's entry into the WTO, a massive increase in the trade deficit between the two countries, favoring China. The report's author, Robert E. Scott, concludes that the trade deficit with China drives down wages and benefits in the United States and eliminates good jobs for U.S. workers. Here are nine facts from the study you might not know about: The email address provided does not appear to be valid.
>> Thank you for signing up to receive our blog alerts. 1. 2. 3. 4. 5. 6. 7. 8. 9. Scott concludes: The U.S. Read the full report for more details. U.S.-China Trade, 1971–2012: Insights into the U.S.-China Relationship 米中貿易 1971〜2012年 中日関係についての洞察. The Asia-Pacific Journal, Vol 11, Issue 24, No. 4, June 17, 2013. U.S. -China Trade, 1971–2012: Insights into the U.S. -China Relationship1 米中貿易 1971〜2012年 中日関係についての洞察 Dong WANG In the twenty-first century, American-Chinese relations offers both a challenge and an opportunity for the United States, China, and the entire world. A comparison between their embedded commercial relations now and pre-rapprochement affirms the U.S. At present, with a population five times larger than America’s, China boasts an economy that is less than half the size of the U.S. economy. Is China’s economic ascendancy a fundamental threat to American power and influence?
The First Decade, the 1970s: Institution Building The decade 1971–80 witnessed rapid institution building and the lifting of some of the barriers to the flow of goods, technology, and people between China and the United States. China was marginal to world trade in 1971 when President Richard Nixon announced his upcoming visit to China. U.S. Confronting U.S.-China Economic Imbalances.
Introduction China has stepped up its purchases of U.S. treasuries in recent years, and in September 2008, it surpassed Japan as the largest holder of U.S. debt. This has fueled a relationship of dependency between the United States and China, whereby China has lent to the United States to help fuel its export industry, and U.S. consumers have, in turn, demanded more Chinese imports and further access to cheap credit.
The relationship attracted increasing scrutiny in the aftermath of the global financial crisis, as the United States' massive stimulus outlays and loose monetary and fiscal policies fueled doubts about the U.S. economy and the value of its debt. Economists have warned that the relationship has contributed to a large U.S. current account deficit--$470.2 billion for 2010--and an expanding Chinese current account surplus--$306.2 billion for 2010--putting pressure on the global economy. In 2010, the U.S. goods trade deficit with China hit a record high of $273.1 billion.
U.S. What Can Be Done About The Big U.S. Trade Deficit With China? Foreign Trade - U.S. Trade with China.