Setting the record straight on U.S. trade with China in the pages of the NY Times
In a recent New York Times op-ed, Vice President Biden praised the current state of U.S. trade with China, enthusing that "a successful China can make our country more prosperous, not less." Sadly, the Vice President has overlooked the fact that the U.S. trade deficit with China continues to rise.
The Vice President also believes that "the United States is hard-wired for innovation." Unfortunately, the U.S. high-tech trade deficit is also increasing, particularly with China.
To set the record straight, Alliance for American Manufacturing (AAM) Executive Director Scott Paul published a letter in today's New York Times. Titled "Relations With China," the letter explains some "key facts about our dysfunctional economic relationship with Beijing":
First, the United States trade deficit with China is rising. Second, the Peterson Institute on International Economics estimates that the yuan is more undervalued today (28.5 percent) than it was a year ago (24.2 percent).
Third, China’s rise so far has come at America’s expense. The trade deficit with China has reduced America’s gross domestic product. Private-sector job creation, particularly in manufacturing, reached a post-World War II low last decade. Multinational companies are shifting both production and innovation to China.
Lulling the American people into a false sense of security is both dangerous and politically tone-deaf. A recent poll shows that many Americans believe that China has the world’s strongest economy. It’s time for the administration to show that if China wants our respect, it needs to earn it by honoring the rules of international trade.
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