Media clips
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Here is today’s must read: the definitive piece on just how much Chinese abuses of the trading system are costing U.S. workers. Economists Robert E. Scott and Zane Mokhiber, in the most exhaustive study yet of the costs of the lopsided U.S.-China trade, report in an Economic Policy Institute study that since China was admitted to the World Trade Organization in 2001, U.S. trade with China has been responsible for a $100 billion increase in the annual trade deficit—and the loss of 3.4 million U.S. jobs. Three-quarters of the lost jobs were in manufacturing, a sector that pays well above the average wage. All this translates to a direct loss of 1.5 percent of GDP. Manufacturing job losses due to the China trade deficit account for roughly four out of five U.S. manufacturing jobs lost in this entire period. (whole story)
The American Prospect October 26, 2018 -
The Economic Policy Institute, a Washington, D.C.-based think tank, released a report Tuesday that says that 3.4 million manufacturing jobs in the U.S. were lost to China since 2001, when China entered the World Trade Organization. The report, called “The China Toll Deepens,” says California has lost more jobs to China than any other state. Some 562,500 jobs were displaced in the Golden State, according to the EPI report. The study attributes this loss to Silicon Valley outsourcing tech jobs and a weakening apparel industry in Southern California. But some skeptics say these numbers are overstated. Critics argue that the study is based on the assumption that products imported from China would have been made in the U.S. But in reality, what these Chinese import merely replaces goods the U.S. would have imported from other countries — like Japan or Korea.
SCPR October 26, 2018 -
A new report has confirmed what many economists and policymakers have long held: China’s ascension to the World Trade Organization has cost the U.S. economy greatly. Between 2001, when China first entered the WTO, and 2017, the number of U.S. jobs lost as a result of the expanding bilateral trade deficit totaled 3.4 million, according to a new analysis published Oct. 23 by the Economic Policy Institute, a U.S.-based think tank. Nearly three-quarters of those were in manufacturing, with every state and congressional district affected. (whole story)
The Epoch Times October 26, 2018 -
There are many ways at looking at the effect of the US trade deficit with China. One group, the Economic Policy Institute issued a report on Oct. 23 tying job loss to the growing deficit. In the report, the group says that between 2001 and 2016 the group said the US lost 3.4 jobs. “The growing trade deficit with China affects different regions in different ways,” write the authors of the report. “Some regions are devastated by layoffs and factory closings, while others are surviving but not growing the way they could be if new factories were opening and existing plants were hiring more workers. This slowdown in manufacturing job generation also is contributing to stagnating wages and incomes of typical workers and widening inequality.”
Industry Week October 26, 2018 -
For some reason, Connecticut is kind of obsessed with its standing on various state-by-state lists. High marks for quality of schools, workforce skills. Taxes and cost-of-living? Not so much. So it was interesting to see where Connecticut ranked in a recent report by the liberal-leaning Economic Policy Institute that paints a dim picture of the impact of the U.S. trade deficit with China on American jobs. The trade deficit, now more than $260 billion, cost the U.S. 3.4 million jobs between 2001, when China entered the World Trade Organization, and 2017. Three-quarters of the job losses were in manufacturing, the report concluded. Connecticut ranks in the upper half of states — No. 22 — in terms jobs lost as a percentage of total jobs. (For those interested in the math, it works out to be 38,400 out of 1.6 million, or 2.28 percent.) (EPI cited throughout)
Hearst Media October 26, 2018 -
The U.S. trade deficit with China has reduced sharply employment stateside since 2001, according to “The China Toll Deepens,” a new report from the Economic Policy Institute in Washington, D.C. The finding from the EPI’s Robert E. Scott and Zane Mokhiber “examines the job impacts of trade by subtracting the job opportunities lost to imports from those gained through exports.” Their thesis is simple. The bilateral trade deficit in goods between the planet’s two biggest economies is the main cause of the U.S. employment losses that are concentrated in the American manufacturing sector. (whole story)
MutliBriefs October 26, 2018 -
Scything through heartland America, the human toll has been immense. More than 3.4 million jobs in the United States have been lost since China joined the World Trade Organisation 17 years ago. At least 1.3 million jobs have disappeared in the past decade, fueling the trade war between Beijing and Washington and adding US$100 billion to the US deficit. “The growth of the trade deficit with China between 2001 and 2017 was responsible for the loss of 3.4 million [American] jobs, including 1.3 million since 2008, [which was] the first full year of the Great Recession,” a report released by the Economic Policy Institute, a non-profit, liberal think tank based in Washington, revealed. (whole story)
Asia Times October 26, 2018 -
The New York Times October 24, 2018
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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