High-level government officials from the People's Republic of China and the United States are scheduled to hold a high-level "Strategic Economic Dialogue" on Tuesday and Wednesday of this week in Washington, D.C. to discuss matters of economic concern between both countries.
United States has run trade deficits with China totaling nearly $1.2 trillion during the past decade, including a deficit of $232 billion in 2006 alone. In fact, trade losses with China accounted for 47.4% of the $528 billion U.S. trade deficit in Manufactured Goods in 2006. The lost production reflected in these massive deficits has contributed significantly to the loss of 3.2 million U.S. manufacturing jobs since 2000.
Noting these facts, the American Manufacturing Trade Action Coalition (AMTAC) has compiled a snapshot analysis of America's foreign trade relationship with China.
Said AMTAC Executive Director Auggie Tantillo, "America's foreign trade relationship with China is mostly a one-way street. China gains the lion's share of the benefits and U.S. manufacturing and its workers pay the price in lost jobs and market share."
Continued Tantillo, "China's multitude of predatory trade practices -- the rebating value-added taxes on exports, currency manipulation, handing out loans at below-market-value rates, and rampant theft of intellectual property -- cannot be solved by dialogue alone."
"The U.S. Congress also must combat these practices with legislation that will limit China's access to the U.S. market unless China starts playing by the rules. Only then will China come to the negotiating table ready to address the problems plaguing the U.S.-China trading relationship."
Click here for China_economic_growth_and_impact_of_deficit:
Click here for US import payments to China grew 5 times faster than export earnings:
Click here for China overtakes US in manufacturing:
Click here for US runs massive deficit in advanced technology products with China:
Click here for US trade deficit with China exceeds one trillion dollars over past decade:
American Manufacturing Trade Action Coalition