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China overtakes US in global manufacturing exports, AMTAC

18
Jun '08
High-level government officials from the People's Republic of China and the United States are scheduled to hold a "Strategic Economic Dialogue" on Tuesday and Wednesday of this week in Annapolis, MD to discuss matters of economic concern between both countries.

Since 2001, United States has run trade deficits in manufactured goods with China totaling more than $1.25 trillion, including a deficit of $264 billion in 2007. The lost production reflected in these massive deficits has contributed significantly to the loss of 3.545 million U.S. manufacturing jobs during that same time period. Moreover, in 2007 alone, trade losses with China accounted for 49.7% of the $532 billion U.S. trade deficit in Manufactured Goods.

Noting these facts, the American Manufacturing Trade Action Coalition (AMTAC) has compiled a short snapshot analysis of America's foreign trade relationship with China contained in PDF file that is attached to this e-mail.

Said AMTAC Executive Director Auggie Tantillo, "For all intent and purpose, America's foreign trade relationship with China is 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.


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