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Few groups have better numbers and analysis than the American Manufacturing Trade Action Coalition and Charles McMillion:
American Manufacturing Trade Action Coalition
Press Statement and Backgrounder
Quick Facts and Figures Analyzing America's Imbalanced Trading Relationship with China
June 17, 2008
CONTACT:
Lloyd Wood, AMTAC Director of Membership and Media Outreach
(202) 452-0866 or
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WASHINGTON, DC -- 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
ExportsIn 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.
Attached files include information compiled by Dr. Charles McMillion, President and Chief Economist of MBG Information Services.
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