Samuelson on our 'one sided trade war' with China

Robert Samuelson pegs the problems with our China trade policy: Just how many American jobs have been lost to subsidized Chinese exports is unclear. Economist Robert Scott of the Economic Policy Institute, a liberal think tank, estimates the number at 2.8 million from 2001 to 2010. A study by three academic economists concludes that imports from China account for about a quarter of lost U.S. manufacturing jobs from 1990 to 2007; that's almost 1 million jobs. These are both large declines, but they are only a modest fraction of America's present jobs shortfall. The recession cost 8.8 million payroll jobs. These numbers should frame our thinking about China's economic policies. On the one hand, making the Chinese scapegoats for most of our economic problems is delusional. Their role in the financial crisis was modest. On the other hand, China's predatory trade practices erode America's industrial base and stymie the economic recovery. The Chinese do not believe in free trade or fair...(Read Full Post)