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Meet 11 Year Old Halima, She Works Making "Hanes" Underwear.
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<blockquote data-quote="Truth7t7" data-source="post: 72428405" data-attributes="member: 321339"><p>I know the middle class has lost 3.4 million jobs to China alone as of 2015, has that hurt the middle class?</p><p></p><p><strong><em><a href="http://www.epi.org/publication/growth-in-u-s-china-trade-deficit-between-2001-and-2015-cost-3-4-million-jobs-heres-how-to-rebalance-trade-and-rebuild-american-manufacturing/" target="_blank">Economic Policy Institute:</a></em></strong></p><p></p><p><strong><em><strong><span style="font-size: 18px">between 2001 and 2015 cost 3.4 million jobs Here’s how to rebalance trade and rebuild American manufacturing.</span></strong></em></strong></p><p><strong><em><span style="font-size: 18px">Report • By <a href="http://www.epi.org/people/robert-e-scott/" target="_blank">Robert E. Scott</a> • January 31, 2017</span></em></strong></p><p><strong><em></em></strong></p><p><strong><em>There are reasons for China’s large and growing trade surpluses with the United States and the world that go far beyond the free market</em></strong></p><p></p><p>China both subsidizes and dumps massive quantities of exports. Specifically it blocks imports, pirates software and technology from foreign producers, manipulates its currency, invests in massive amounts of excess production capacity in a range of basic industries, often through state owned enterprises (SOEs) (investments that lead to dumping), and operates as a refuse lot for carbon and other industrial pollutants. China has also engaged in extensive and sustained currency manipulation over the past two decades, resulting in persistent currency misalignments. Other countries in the region have found it attractive to follow (and difficult to resist following) China’s lead in engaging in currency manipulation, resulting in the region’s large and growing trade surpluses with the United States and the world over the past 15 years.</p><p></p><p><strong><em>China’s actions call for direct policy responses</em></strong></p><p></p><p>To adequately respond to these threats, Congress and the president should enhance enforcement of fair trade laws and treaty obligations (through anti-dumping, countervailing duty, and WTO case filings) and implement better early warning systems and mechanisms for responding to import surges. The United States should also make Chinese excess production capacity a priority to address in bilateral negotiations as it is this excess capacity that fuels dumping of exports in the United States. In particular, overcapacity should be addressed by reforming state-owned enterprises, barring China from all U.S. government procurement contracts, and prohibiting SOEs from foreign direct investment in U.S. manufacturing or high tech companies. The United States should also consider imposing a border-adjustable carbon fee on imports produced by energy-intensive industries. In addition, World Trade Organization nations should continue to treat China as a nonmarket economy in fair trade enforcement, because granting China market-economy status would curb the ability to impose tariffs on dumped goods and thus allow Chinese companies to undercut domestic production by flooding WTO nation markets with cheap goods. Also, China should not be rewarded for its market distortions with a bilateral investment treaty. Lastly, the United States must maintain currency vigilance and perhaps even consider negotiating a new Plaza Accord to rebalance currencies and global trade.</p></blockquote><p></p>
[QUOTE="Truth7t7, post: 72428405, member: 321339"] I know the middle class has lost 3.4 million jobs to China alone as of 2015, has that hurt the middle class? [B][I][URL='http://www.epi.org/publication/growth-in-u-s-china-trade-deficit-between-2001-and-2015-cost-3-4-million-jobs-heres-how-to-rebalance-trade-and-rebuild-american-manufacturing/']Economic Policy Institute:[/URL][/I][/B] [B][I][B][SIZE=5]between 2001 and 2015 cost 3.4 million jobs Here’s how to rebalance trade and rebuild American manufacturing.[/SIZE][/B] [SIZE=5]Report • By [URL='http://www.epi.org/people/robert-e-scott/']Robert E. Scott[/URL] • January 31, 2017[/SIZE] There are reasons for China’s large and growing trade surpluses with the United States and the world that go far beyond the free market[/I][/B] China both subsidizes and dumps massive quantities of exports. Specifically it blocks imports, pirates software and technology from foreign producers, manipulates its currency, invests in massive amounts of excess production capacity in a range of basic industries, often through state owned enterprises (SOEs) (investments that lead to dumping), and operates as a refuse lot for carbon and other industrial pollutants. China has also engaged in extensive and sustained currency manipulation over the past two decades, resulting in persistent currency misalignments. Other countries in the region have found it attractive to follow (and difficult to resist following) China’s lead in engaging in currency manipulation, resulting in the region’s large and growing trade surpluses with the United States and the world over the past 15 years. [B][I]China’s actions call for direct policy responses[/I][/B] To adequately respond to these threats, Congress and the president should enhance enforcement of fair trade laws and treaty obligations (through anti-dumping, countervailing duty, and WTO case filings) and implement better early warning systems and mechanisms for responding to import surges. The United States should also make Chinese excess production capacity a priority to address in bilateral negotiations as it is this excess capacity that fuels dumping of exports in the United States. In particular, overcapacity should be addressed by reforming state-owned enterprises, barring China from all U.S. government procurement contracts, and prohibiting SOEs from foreign direct investment in U.S. manufacturing or high tech companies. The United States should also consider imposing a border-adjustable carbon fee on imports produced by energy-intensive industries. In addition, World Trade Organization nations should continue to treat China as a nonmarket economy in fair trade enforcement, because granting China market-economy status would curb the ability to impose tariffs on dumped goods and thus allow Chinese companies to undercut domestic production by flooding WTO nation markets with cheap goods. Also, China should not be rewarded for its market distortions with a bilateral investment treaty. Lastly, the United States must maintain currency vigilance and perhaps even consider negotiating a new Plaza Accord to rebalance currencies and global trade. [/QUOTE]
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