A Quote by Jo Ann Emerson
Americas largest trade deficit is with China, a nation that enjoys Permanent Normal Trade Relations with the U.S. and ties its currency to the dollar to make it a more competitive trading partner.
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During the 1999 debate over Permanent Normal Trade Relations with China President Bill Clinton said, 'In opening the economy of China, the agreement will create unprecedented opportunities for American farmers, workers and companies to compete successfully in China's market. WRONG: Our trade deficit with China has increased from $83 billion in 2001 to a record breaking $342 billion in 2014.
The Trans-Pacific Partnership trade agreement is a continuation of other disastrous trade agreements, like NAFTA, CAFTA, and permanent normal trade relations with China.
China is our largest trading partner in Asia. The normalization of our relations will create major opportunities for Norwegian businesses and for job creation. We also hope to resume negotiations on a free trade agreement with China.
China are running trade deficits with the rest of the world. If you look at the U.S. trade deficit, it's close to $800 billion trade in goods. Half of that is with China, so it's a big part of the problem. And the problem with China, as opposed to, say, Canada, is that China cheats.
The more competitive value of the dollar turned around the trade deficit.
The far more likely Trump scenario is this: Chinese leaders realize they no longer have a weak leader in the White House; China ceases its unfair trade practices. America's massive trade deficit with China comes peacefully and prosperously back into balance, and both the U.S. and Chinese economies benefit from trade.
Ronald Reagan, when he was campaigning for President, said that he would break relations with Communist China and re-establish diplomatic relations with Taiwan. But when he got into office, he pursued a very different policy of engagement with China and of increasing trade and business ties with China.
As the U.S. trade deficit, and the portion of that deficit attributed to China, continue to grow, our own economy is at risk of losing its reputation as a leader in world trade.
If you trade with someone and they are your biggest trading partner, it is impossible you don't have trade issues.
I'll also make sure that America has trade relations with China that work for us. I've watched year in and year out as companies have shut down and people have lost their jobs because China has not played by the same rules, in part by holding down artificially the value of their currency. It holds down the prices of their goods. It means our goods aren't as competitive and we lose jobs. That's got to end.
As commerce secretary, I led the Clinton administration's effort to ensure China's entry into the World Trade Organization and the permanent normalization of trade between the U.S. and China - steps that produced a 76 percent increase in U.S. exports to China in just three years.
With open markets, the nation's trade deficit with China would shrink as we export more natural gas and agricultural products and as China's consumers could afford to buy their preferred 'Made in America' products.
Unless the trade deficit shrinks, the combination of the trade deficit and the interest and dividend payments to foreigners will grow ever more rapidly.
Life can be lived at a remove. You trade in futures, and then you trade in derivatives of futures. Banks make more money trading derivatives than they do trading actual commodities.
The United States is the least protectionist country in the world but has the largest trade deficit, while other countries are highly protectionist and have huge trade surpluses. This cannot continue.
The US is our largest trading partner and increasing transatlantic trade can help our economies bounce back from the economic challenge posed by coronavirus.
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