Yes, and in 2010, it was still a little more than 1/3 that of the U.S. -- with 4 times the population.
The U.S.A has just exploding debt, 16 trillion $ in federal debt, 116 trillion $ in unfunded liabilities, declining cities .
That has absolutely nothing at all to do with trade. It is the result of a half century of liberalism and stupidity [but I repeat myself.] Your statement is a non sequitur and does not bear on this discussion.
History has proved that the U.S. was rising for 200 years with high tariffs and rising for 40 years when a trade embargo was on china.
Your history is wrong. The U.S. certainly did not have high tariffs for 200 years. The founders permitted tariffs [mistakenly in my view] as the federal government's only means of funding so as not to burden the citizens.
That was mistaken thinking, of course, because citizens end up paying the tariffs. Nonetheless, a light across-the-board tariff could have raised revenue without grossly distorting trade. But Alexander Hamilton, our first big-government president, corrupted the tariff system to bestow favors on contributors and cronies.
And that's how tariffs have worked ever since. No tariffs on most items, but high tariffs on goods produced by industries with the most clout or political influence.
The sugar tariff is an excellent example. To protect a couple thousand sugar-producing jobs, we have driven tens of thousands of candy-manufacturing jobs to Mexico where the price of sugar is much, much lower.l
The sugar tariff costs American consumers billions each year and has resulted in the substitution of fructose in products like soda pop resulting in an inferior product.
Then let's talk about the 30% tariff on cheap Chinese tires. That has ended up costing less well-off consumers to fork over even more for inexpensive tires perhaps causing some of them to put off the purchase causing potential safety hazards.
At the same time, not one single American tire manufacturer has decided to enter the low-end market. Even a thirty per cent tariff does not make production profitable here.
Tariffs are a tax on Americans. And, remember, consumers and workers are the same people. What possible good does it do to rob Peter to pay Peter?
Our economic problems are not caused by trade. Trade improves economic situations. Our problems are caused by out-of-control regulation, taxation, inflation, and government over-spending. But you ignore all of those and obsess on trade.
You seem impervious to economic logic, so I don't really expect a specific response.
China's economy grew by 19 times in 30 years . You say the U.S. economy is bigger .So by your logic then 30 years ago the U.S. economy was at least 19 times larger than China's ( who has 1 billion people). does that makes sense to any rational being? NO. the fact that china with 1 billion people has grown at 10% per year for the past 30 years proves that it is now by far the biggest economy and will continue this growth into the next few decades . by my estimations China is 10 x the U.S. in real production and in 30 years will be 200 times the U.S. economy
China knows economics. That’s why china has grown 10% per year for the last 30 years. I say the U.S. should copy what China has done. You say I’m stupid for suggesting that. You can quote some economics text or whatever you are saying but I know what works and what china has been doing for 30 years has worked . the trade agreements the U.S. has done have not helped the U.S. but have helped china.