The New York Times
October 24, 2018
The explosive growth in the U.S. trade deficit that came from China joining the World Trade Organization cost an estimated 3.4 million jobs, according to a new report released Tuesday. The study of the impact in the growth in the trade deficit between 2001 and 2017, published by the Economic Policy Institute, showed that it hit the manufacturing sector in particular, where 74% of those jobs were lost. (whole story)
Market Watch
October 24, 2018
China was granted admission to the World Trade Organization (WTO) in late 2001 and since then the U.S. annual trade deficit with China increased from $83.0 billion to $375.2 billion in 2017. That increase has cost U.S. workers 4.14 million lost jobs due to the number of goods imported from China and added 780,000 jobs in U.S. jobs that produced goods for export. The net impact has been the loss of 3.36 million American jobs in the 16 years since China became a full member of the WTO. The data were reported Tuesday morning in a new study from the Economic Policy Institute (EPI) titled “The China Toll Deepens.” EPI has been updating its research on U.S.-China trade and jobs since 2012. The EPI model estimates the amount of labor (number of jobs) required to produce a given volume of exports and the labor displaced when a given volume of imports is substituted for domestic output. The difference between these two numbers is essentially the jobs displaced by the growing trade deficit, holding all else equal. (whole story)
24/7 Wall St.
October 24, 2018
America’s trade deficit with China has cost 3.4 million U.S. jobs since 2001 and is a major contributor to widening economic inequality, according to a study released Tuesday by the Economic Policy Institute. Not surprisingly, the manufacturing sector has suffered the most because of America’s lopsided trade relationship with China, losing 2.5 million jobs between 2001 and 2017. But every state and every congressional district has seen job loss as a direct result of the growing China trade deficit, and the study shows that the wider economy continues to be dragged down by the growing deficit. (whole story)
Alliance for American Manufacturing
October 24, 2018
he United States has a massive trade deficit with China that has ballooned since the world’s most populous nation joined the World Trade Organization (WTO), costing the American economy millions of jobs, and U.S. workers billions in wages, according to an analysis completed by the Economic Policy Institute (EPI). A model run by the EPI, a non-partisan think tank that advocates for low-and-middle income workers, examined the impacts of trade by subtracting the job opportunities lost to imports from those gained through exports. While imports from China have soared, exports to China have not increased by a similar magnitude. The result, therefore, is a loss of 3.4 million jobs in the U.S. between 2001- the year China joined the WTO – and 2017. Job losses have been across the country, while the manufacturing sector has been particularly hard hit. The EPI estimates that 2.5 million manufacturing jobs were lost between 2001 and 2017, about 75 percent of the total losses. (whole story)
Fox Business
October 24, 2018
A “massive” trade deficit with China has resulted in the lost of millions of jobs in the U.S., but California has been the hardest hit state, according to a study released Tuesday by the Washington, D.C. think tank Economic Policy Institute. To determine how the trade deficit has impacted all 50 states, researchers examined “the job impacts of trade by subtracting the job opportunities lost to imports from those gained through exports.” (whole story)
North Hollywood Patch
October 24, 2018
The US trade deficit with China, which has ballooned since 2001, is responsible for the loss of millions of American jobs, according to a new study. More than 3.4 million US jobs have been eliminated since Beijing joined the World Trade Organisation 17 years ago and has added over US$100 billion to the trade deficit since 2008, according to a report published on Tuesday by the Economic Policy Institute, a non-partisan think tank based in Washington.
About 1.3 million of the job losses have occurred in the last 10 years. (whole story)
South China Morning Post
October 24, 2018
Washington’s trade deficit with Beijing has increased dramatically in the 17 years since China joined the World Trade Organization (WTO), costing the U.S. millions of jobs across all 50 states, a new report has shown. The Economic Policy Institute, a Washington, D.C-based nonprofit, released a report on Chinese and U.S. trade relations on Tuesday, outlining the impact of China’s rapid growth, which led it to become the world’s second largest economy. Between 2001, when Beijing joined the WTO, and 2017, U.S.-China trade has cost us 3.4 million American jobs, with losses occurring not just in every state, but also in every Congressional district. (whole story)
Newsweek
October 24, 2018
Growth in the U.S. trade deficit with China has eroded an estimated 3.4 million American jobs over the past 16 years and also explains almost entirely why manufacturing employment has not fully rebounded in the wake of the Great Recession, new research asserts. The report out Tuesday from the left-leaning Economic Policy Institute describes how, since China joined the World Trade Organization in 2001, U.S. imports from the country have surged, while U.S. exports to China have lagged in comparison. (whole story)
Route Fifty
October 24, 2018
REPORT: TRADE DEFICIT WITH CHINA HAS COST MILLIONS OF U.S. JOBS: The U.S. trade deficit with China has ballooned since Beijing joined the World Trade Organization in 2001, eliminating 3.4 million American jobs, according to a new report from the Economic Policy Institute out this morning.
China has propelled into the second-largest economy at the expense of many U.S. manufacturing plants and jobs, the report shows. “China’s trade-distorting practices, aided by China’s currency manipulation and misalignment and its suppression of wages and labor rights, resulted in a flood of dumped and subsidized imports that greatly exceeded the growth of U.S. exports to China,” the report explains. It also adds that Beijing failed to implement certain policies that would have allowed for a “promised surge” of U.S. goods to China. (whole story)
Politico Pro
October 24, 2018