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U.S. Will Lose a Trade War with China
OilPrice.com ^ | 04/06/2010 | Michael Pento

Posted on 04/06/2010 4:14:20 PM PDT by bananaman22

In light of the number of manufacturing and goods producing jobs lost in America over the past decade, it’s no wonder why many in Washington and on Main St. are clamoring for a trade and currency war with China. The raucous has grown so loud that Congress, Treasury and the Commerce department may soon be forced to declare China a currency manipulator. Senators Lindsey Graham (R) South Carolina and Chuck Schumer (D) New York have introduced legislation that would compel the Treasury to cite the Chinese as currency manipulators, which would allow the Commerce Department to impose duties and tariffs upon them.

On April 15th there was a deadline for the Department of the Treasury to deliver its semiannual report on foreign exchange. That report could have served as the mechanism in which to place the “manipulator” label on the Chinese. But the deadline for the report was delayed by Secretary Geithner in a statement he made on April 3rd.

Make no mistake; the reduction in the manufacturing and goods producing sector of the economy has been and continues to be a serious problem. Since the year 2000, the U.S. has seen its manufacturing sector as a percentage of GDP drop from 14.5% to 11.5%. More troubling is the jobs picture. The number of manufacturing jobs lost in the U.S since the year 2000 has been 5.73 Million. And the number of goods producing jobs lost has been 6.81 million! Full article at: US Trade war

(Excerpt) Read more at oilprice.com ...


TOPICS: Business/Economy; Miscellaneous
KEYWORDS: china; currenty; letsgetiton; manufacturing; tradewar
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1 posted on 04/06/2010 4:14:21 PM PDT by bananaman22
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To: bananaman22

How? We buy most of China’s exports and they buy, well, just about nothing from us.


2 posted on 04/06/2010 4:16:12 PM PDT by pnh102 (Regarding liberalism, always attribute to malice what you think can be explained by stupidity. - Me)
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To: bananaman22
U.S. Will Lose a Trade War with China

In another development, the Pope is Catholic too. Of course the US would lose a trade war with China. For starters, they could just stop buying our government bonds.

3 posted on 04/06/2010 4:17:05 PM PDT by SmokingJoe
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To: pnh102
" they buy, well, just about nothing from us."

Our Federal debt.

4 posted on 04/06/2010 4:17:39 PM PDT by KoRn (Department of Homeland Security, Certified - "Right Wing Extremist")
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To: bananaman22
I don't know.

Seems that the world can live without cheap plastic sh*t imported from China.

Hard to live without guns and bread. America is the #1 exporter of food and arms. People will always need food and arms.

When manufactured goods become scarce America will turn again to manufacturing goods.

American workers are the highest paid and most productive workers in the world. We need to train people to run machines to sew together shoes like we need more almonds in California. Let them sew shoes together in Singapore, they do it cheaper there.

5 posted on 04/06/2010 4:18:43 PM PDT by allmendream (Income is EARNED not distributed. So how could it be re-distributed?)
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To: pnh102
How? We buy most of China’s exports and they buy, well, just about nothing from us.

True, but ummm...we are addicted to buying cheaply priced Chinese made goods in this country. How do you think we have managed to keep inflation so low over the past decade?
Where do you think Walmart gets most of their products from?

6 posted on 04/06/2010 4:19:44 PM PDT by SmokingJoe
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To: KoRn
" they buy, well, just about nothing from us."

Our Federal debt.

Exactly.

7 posted on 04/06/2010 4:21:31 PM PDT by pnh102 (Regarding liberalism, always attribute to malice what you think can be explained by stupidity. - Me)
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To: bananaman22

Nobody wins a trade war.


8 posted on 04/06/2010 4:22:27 PM PDT by Busywhiskers ("Once you have wrestled, everything else in life is easy" -Dan Gable)
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To: pnh102

They would love to buy our weapons.


9 posted on 04/06/2010 4:25:28 PM PDT by Always Independent
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To: pnh102; pissant

“How? We buy most of China’s exports and they buy, well, just about nothing from us.”

They purchase our biggest export...debt.

“Senators Lindsey Graham (R) South Carolina and Chuck Schumer (D) New York have introduced legislation that would compel the Treasury to cite the Chinese as currency manipulators,...”

A little late to that party, boys...Duncan Hunter tried to tell you all this YEARS ago.


10 posted on 04/06/2010 4:25:41 PM PDT by AuntB (WE are NOT a nation of immigrants! We're a nation of Americans! http://towncriernews.blogspot.com/)
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To: allmendream
Seems that the world can live without cheap plastic sh*t imported from China.

Well we used to buy everything from Japan. We have already moved on to buying clothes from other cheaper places, why not the bulk of the other stuff we need IF we must import it and not make it here? As a nation we should spread our imports around more for national security it nothing else.

11 posted on 04/06/2010 4:32:24 PM PDT by Dem Guard
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To: Busywhiskers
Nobody wins a trade war.

And that is PRECISELY the correct answer; what happens is we both lose, but China loses "less".

12 posted on 04/06/2010 4:35:10 PM PDT by PugetSoundSoldier (Indignation over the Sting of Truth is the defense of the indefensible)
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To: Dem Guard
As a nation we should spread our imports around more for national security it nothing else.

How do you do that without the Federal Government dictating to the free market what it can and cannot buy, or do - essentially becoming a 100% fascist State?

13 posted on 04/06/2010 4:37:54 PM PDT by PugetSoundSoldier (Indignation over the Sting of Truth is the defense of the indefensible)
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To: PugetSoundSoldier

The federal government already regulates foreign trade. It’s one of the scant few things it is allowed to do.


14 posted on 04/06/2010 4:41:40 PM PDT by pissant (THE Conservative party: www.falconparty.com)
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To: Dem Guard

That would require a commanded economy...


15 posted on 04/06/2010 4:41:44 PM PDT by sinsofsolarempirefan
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To: Dem Guard
I agree that it is not that smart to feed the Tiger that is running lose in Asia, but it is all, like water, finding the path of least resistance. We buy the majority of our goods from China because they make it and ship it cheaper. As soon as someplace else makes it cheaper, then we will probably import most of it from there instead.

I remember well when ‘the Yellow Peril’ was Japan, and they were going to eat our lunch and buy our companies and suddenly it was supposed to be us learning from them and copying their business models. Turns out they were killing themselves (quite literally in some cases) trying to make us cheaper and better electronic goods. We don't hear much about the threat of Japan taking us over any more.

16 posted on 04/06/2010 4:43:21 PM PDT by allmendream (Income is EARNED not distributed. So how could it be re-distributed?)
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To: bananaman22
After we change Congress and get rid of Obama we can and must DRILL HERE, DRILL NOW. Spending all the money we are now sending to our enemies will create jobs. We must spend all that money HERE! Good, well paying jobs create a demand for quality products that we can produce.

China has about a BILLION to many people. It can barely feed its self and power its self and doesn't have enough WATER. There are 250 million people in the middle or upper class and 1 BILLION+ people living in abject poverty. Not a good balance!

17 posted on 04/06/2010 4:51:43 PM PDT by WellyP
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To: PugetSoundSoldier

tariffs.


18 posted on 04/06/2010 4:56:18 PM PDT by mamelukesabre (Si Vis Pacem Para Bellum (If you want peace prepare for war))
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To: bananaman22

China’s the ‘quick and dirty’ to Bill Clinton’s ‘stiffy’ right now; it’s bargain products can’t be resisted by America.


19 posted on 04/06/2010 5:03:10 PM PDT by Sax
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To: bananaman22

Nixon should have kept the door closed... I’ve always thought that... that was a big mistake.


20 posted on 04/06/2010 5:03:32 PM PDT by Star Traveler (Remember to keep the Messiah of Israel in the One-World Government that we look forward to coming)
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