What do $295 billion and 2.8 million jobs mean in the global marketplace?
Okay, let's consider some data:
- The U.S. racked up a $295 billion trade deficit with China in 2011.
- The ongoing U.S. trade deficit with China has cost 2.8 million jobs since 2001.
Essentially, the U.S. imports far more from China than it exports, which results in a bilateral trade deficit that dwarfs any trade gap the U.S. has with other industrialized nations.
Any surprise, then, that a new global survey by the Pew Institute finds that more people are likely to view China as the world’s leading economic power, not the United States?
The 21-nation poll found that 41 percent of people said China was the world's economic power, while 40 percent favored the U.S. Among the 14 nations that were asked the same question in 2008, the margin was wider: 45 percent placed the U.S. on top four years ago, with just 22 percent for China, but in the latest poll China was favored 42 percent to 36 percent.
This shouldn't come as a total surprise since China has built such a massive export machine, in part by deliberately undervaluing its currency, in violation of world trade law.
Cheating seems to pay off for China.
Related recent Blogs
- President Obama visits Baltimore factory to promote infrastructure investment as a means of revitalizing the middle class • by LDonia • 05/17/2013
- May 17, 2013 Headlines: Strengthening our national security, focusing on jobs, and more. • by LRaup • 05/17/2013
- Five reasons you should be concerned about the U.S. military's reliance on foreign manufacturers. • by LDonia • 05/16/2013
- Looking for a manufacturing job? Consider heading to one of these ten metro areas! • by mmcmullan • 05/16/2013
- National Retail Federation dismisses global safety plan for garment factories while Cambodian shoe factory collapses. • by LDonia • 05/16/2013
- OPINION: Aren't we better off buying safe, Made-in-USA products? • by scapozzola • 05/16/2013
- May 16, 2013 Headlines: factory collapses in Cambodia, U.S. retail industry dismisses plan for safer working conditions, & more • by LDonia • 05/16/2013
- U.S. Senate Passes Water Resources Development Act (WRDA) with Buy America Amendment Included. • by scapozzola • 05/15/2013
- And the crystal ball says that U.S. manufacturing is going up/down/sideways... • by scapozzola • 05/15/2013
- Japan's currency moves are heating up a trade problem • by scapozzola • 05/15/2013