A Quote by William M. Daley
There is no question of the benefits that opening a market of a billion people will bring to American businesses. But as I said last year, this will test China and the world trade system.
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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.
While the TPP - like any trade deal - is a subject of vigorous debate, its benefits are clear. The TPP will open markets and bring down barriers for American businesses in the world's largest emerging market, creating jobs at home.
China, the world's most populous country, 1.3, 1.4 billion people, will in the next decade or so have to begin looking for people outside of China.What does this mean? China will have to become a much more welcoming society. It means that China will have to attract immigrants from other countries in order to slow the aging of the population.
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 defining moment in American economic history is when Bill Clinton lobbied to get China into the World Trade Organization. It was the worst political and economic mistake in American history in the last 100 years. China went into the World Trade Organization and agreed to play by certain rules. Instead, they are illegally subsidizing their exports, manipulating their currency, stealing all of our intellectual property, using sweatshops, using pollution havens. What happens is, our businesses and workers are playing that game with two hands tied behind their back.
We're going to fix [trade deals].You know, last year [2015] we lost almost $800 billion in trade deficits. We have trade deficit with other nations of almost $800 billion.
I supported the Korean Trade Agreement in 2011. They promised - when it was signed, President [Barak] Obama said it would increase our exports to Korea by $10 billion a year.That creates jobs in America.Since - last year, 2015, there was no increase, like instead of billions of dollars there was like a $100 million increase in our exports to Korea, whereas as their imports to us went up $12 billion, and our trade deficit increased 240 percent.
Because of my experience in Occupy, instead of asking the question, "Who will benefit from this system I'm implementing with the data?" I started to ask the question, "What will happen to the most vulnerable?" Or "Who is going to lose under this system? How will this affect the worst-off person?" Which is a very different question from "How does this improve certain people's lives?"
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.
European businesses will want to retain free-trade access to the U.K. - their biggest export market.
We have trade with China. We lose hundreds of billions of dollars a year on trade with China. They know how I feel. It's not going to continue like that. But if China helps us, I feel a lot differently toward trade. A lot differently toward trade.
If the IMF is correct (a big if), China will be the planet's No.1 economy by 2016. That means whoever's elected in November next year will be the last president of the United States to preside over the world's dominant economic power.
But the improvements will happen faster and last longer if we can channel market forces, including innovation that's tailored to the needs of the poorest, to complement what governments and nonprofits do. We need a system that draws in innovators and businesses in a far better way than we do today.
Canada's total exports into global markets reached a record high of $528.8 billion in 2014, the last year with fully available figures. A mere $18.8 billion of those exports went to China.
Google will make us more informed. The smartest person in the world could well be behind a plow in China or India. Providing universal access to information will allow such people to realize their full potential, providing benefits to the entire world.
Opening markets abroad through trade agreements is especially important for American small businesses and manufacturers to enhance growth and job creation.
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