Wisconsin lawmakers agree: Trade with China costs American jobs
A recent article in the Greenbay Gazette provides an excellent summation of the U.S. trade imbalance with China—and why it’s costing so many American jobs:
“Between 2001, when China was granted entry into the World Trade Organization, and 2010, the U.S. lost 2.8 million jobs because of the trade deficit, according to the Economic Policy Institute, a progressive Washington think tank. Nearly 70 percent of those jobs, 1.9 million, were in manufacturing.”
The issue is causing concern among area lawmakers, including Rep. Tom Petri (R), one of the original cosponsors of the Currency Reform for Fair Trade Act:
"I do think China has basically subsidized its exports by manipulating its currency ... which makes its exports cost less," said Rep. Tom Petri, R-Fond du Lac. "Instances of that have affected the paper industry in Wisconsin."
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