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.
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."
Highlights from the file include:
Page 3 -- China Economic Growth and Impact of U.S. Trade Deficits
• An estimated 1 million U.S. jobs and job opportunities have been lost as a result of the exploding U.S. trade deficit with China since 2000. Those estimates then are broken down on a state-by-state basis.
Page 4 -- China Overtakes United States in Global Manufacturing Exports
• In 2006, for the first time in modern history, the value of Chinese exports of manufactured goods exceeded the value of U.S. exports of manufactured goods. China repeated this in 2007.
Pages 5 & 6 -- United States Runs Massive Trade Deficit with China in Advanced Technology Products (ATP)
• The U.S. trade deficit with China in Advanced Technology Products (ATP) approached $70 billion in 2007.
• The U.S. government's ATP list is not static, but dynamic. It changes on a regular basis to reflect growth in technological innovation.
• Even after including U.S. surpluses with China as a result intellectual property royalties and fess and in trade in high-tech services
Page 7 - China's Trade Surplus in Manufactured Goods Projected to Exceed $500 Billion in 2008
• In 2008, China is projected to run a trade surplus with the world in manufactured goods in excess of $500 billion.
source:fibre2fashion.com
