IS IT CHINA'S FAULT? The truth is, the major reasons for U.S. job losses lie elsewhere -- and a revalued yuan isn't the answer

With millions of manufacturing jobs evaporating from the US while China's trade surplus soars, politicians of all stripes are under pressure to show the folks back home that they are doing something, anything, to stem the losses. One reason politicians are whipping themselves into a frenzy over...

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Published in:Bloomberg businessweek (Online) 2003-10 (3853), p.32
Main Author: Rich Miller in Washington and Pete Engardio in New York, with Dexter Roberts in Beijing, Michael Arndt in Chicago, and bureau reports
Format: Magazinearticle
Language:English
Subjects:
Economic impact
Economic statistics
International relations-US
Manufacturers
Trade surplus
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Summary:With millions of manufacturing jobs evaporating from the US while China's trade surplus soars, politicians of all stripes are under pressure to show the folks back home that they are doing something, anything, to stem the losses. One reason politicians are whipping themselves into a frenzy over China is because it is an easy way to explain the constant din of layoff announcements that show little sign of slowing. But all the political handwringing misses a crucial point. The relationship between the world's biggest economy and its fastest-growing one in recent years cannot be reduced to a single trade statistic or a single exchange rate. Over the last decade, the 2 countries have become increasingly intertwined and interdependent thanks to a rapidly globalizing world economy where cutthroat competition among multinationals is the norm.
ISSN:0007-7135
2162-657X