[Excerpt] China’s industrial policies have had a profound effect on the U.S. economy. The trade deficit with China in goods reached 266billionin2008,resultinginslowerU.S.economicgrowthandfewerjobsherethanifthetraderelationshipweremorebalancedbetweenimportsandexports.WitnessesdifferedastothedegreethattheoverallU.S.tradedeficitwoulddeclineifthetradingrelationshipbetweenthetwocountrieswerebroughtintobalance.ButitissignificantthattheU.S.deficitwithChinarepresented33percentofthetotalU.S.tradedeficitwiththeworldand42.6percentofthedeficitwithnon−oilexportingcountries.Inaddition,itisnotjustthesizeofthedeficitthatpolicymakersshouldexamine,butthechangingnatureofitscomposition.TheUnitedStatesin2008ranarecord72.7 billion trade deficit with China in advanced technology products
[Excerpt] China’s industrial policies have had a profound effect on the U.S. economy. The trade deficit with China in goods reached 266billionin2008,resultinginslowerU.S.economicgrowthandfewerjobsherethanifthetraderelationshipweremorebalancedbetweenimportsandexports.WitnessesdifferedastothedegreethattheoverallU.S.tradedeficitwoulddeclineifthetradingrelationshipbetweenthetwocountrieswerebroughtintobalance.ButitissignificantthattheU.S.deficitwithChinarepresented33percentofthetotalU.S.tradedeficitwiththeworldand42.6percentofthedeficitwithnon−oilexportingcountries.Inaddition,itisnotjustthesizeofthedeficitthatpolicymakersshouldexamine,butthechangingnatureofitscomposition.TheUnitedStatesin2008ranarecord72.7 billion trade deficit with China in advanced technology products.ChinaIndustrial_Policy09_03_24_trans.pdf: 2166 downloads, before Oct. 1, 2020