Trading With China
Robert J. Samuelson's claim in his May 9 op-ed, "China's Trade Time Bomb," that China is pursuing an economic policy that will "depress its trading partners' production and employment" does not stand up when confronted with the facts.
China is our fourth-largest trading partner, so, if Mr. Samuelson's claims were true, we should be seeing evidence of the potential harm of China's policies. In fact, the opposite is true.
Mr. Samuelson mentioned our low unemployment rate, which has decreased as China's economy has grown, but he did not mention the strength of U.S. exports during this same period.
According to data from the International Trade Commission, from 2000 to 2006 U.S. exports to China increased by 70 percent, and U.S. exports to all nations increased by 25 percent.
Mr. Samuelson attempted to deflate the arguments of his opponents by pointing out that "China's trade offensive" has, so far, not harmed the United States, but he suggested that ruin is around the corner. Well, we've rounded that corner, and the result has been a tremendously beneficial trade partnership with China.
If China really is intent on wreaking havoc on our production and employment, it isn't doing a very good job of it.