>> while China’s number one export to the United States is $46 billion of computer equipment, the number one export from the U.S. to China is waste $7.6 billion of waste paper and scrap meta <<
Wrong. The USA’s number one export to China is the billions and billions of dollars in Treasuries that China buys from us every year. Clyde Prestowitz simply doesn’t understand the basic economics involved.
Right. If a manufacturer in China sells a computer to a customer in the U.S. for $1,500, it’s not like the seller can eat that money.
” Clyde Prestowitz simply doesn’t understand the basic economics involved.”
You’re only fooling yourself. Clyde Prestowitz was Ronald Reagan’s chief trade negotiator and has been writing on these issues for over 30 years.
Exports are goods and services. Capital transactions are a separate category that offset export imbalances. Sales of Treasury debt to China are recorded in the Treasury International Capital recording system. Conflating the two is a not so clever attempt to muddle the issue of exports.