Posted on 04/29/2020 11:07:22 AM PDT by Kaslin
Since 1985, the first year for which the Census Bureau has posted this nation's bilateral merchandise trade deficits on its website, the United States has accumulated $5.5 trillion in trade deficits with China.
No other nation comes close.
In 2019, America's seven top trading partners -- when measured by the total dollar value of the bilateral trade in goods -- were Mexico ($614.5 billion), Canada ($612.4 billion), China ($558.9 billion), Japan ($218.3 billion), Germany ($187.8 billion), South Korea ($134.4 billion) and the United Kingdom ($132.3 billion).
By far, however, the least balanced relationship -- both last year and in recent decades -- has been with China.
In the 35 years from 1985 through 2019, according to Census Bureau data, the United States ran a cumulative merchandise trade deficit with China of $5,501,227,400,000.
Among the seven nations that were our leading trading partners as of 2019, the second-largest cumulative deficit over that 35-year period was the $2,240,119,400,000 deficit the United States ran with Japan.
Thus, the cumulative trade deficit with China over the last 35 years was almost 2.5 times as large as the cumulative trade deficit with Japan.
The cumulative trade deficits with Mexico ($1,276,017,400,000), Germany ($1,222,887,800,000), Canada ($1,065,139,400,000), South Korea ($410,304,300,000) and the United Kingdom ($33,598,300,000) were much smaller.
In fact, in 16 of the 35 years on record, the United States actually ran a merchandise trade surplus with the United Kingdom.
Since 1985, the first year for which the Census Bureau has posted this nation's bilateral merchandise trade deficits on its website, the United States has accumulated $5.5 trillion in trade deficits with China.
No other nation comes close.
In 2019, America's seven top trading partners -- when measured by the total dollar value of the bilateral trade in goods -- were Mexico ($614.5 billion), Canada ($612.4 billion), China ($558.9 billion), Japan ($218.3 billion), Germany ($187.8 billion), South Korea ($134.4 billion) and the United Kingdom ($132.3 billion).
By far, however, the least balanced relationship -- both last year and in recent decades -- has been with China.
In the 35 years from 1985 through 2019, according to Census Bureau data, the United States ran a cumulative merchandise trade deficit with China of $5,501,227,400,000.
Among the seven nations that were our leading trading partners as of 2019, the second-largest cumulative deficit over that 35-year period was the $2,240,119,400,000 deficit the United States ran with Japan.
Thus, the cumulative trade deficit with China over the last 35 years was almost 2.5 times as large as the cumulative trade deficit with Japan.
The cumulative trade deficits with Mexico ($1,276,017,400,000), Germany ($1,222,887,800,000), Canada ($1,065,139,400,000), South Korea ($410,304,300,000) and the United Kingdom ($33,598,300,000) were much smaller.
In fact, in 16 of the 35 years on record, the United States actually ran a merchandise trade surplus with the United Kingdom.
What has been the trajectory of U.S. economic relations with China?
In 1985, the first year reported by the Census Bureau, the U.S. merchandise trade deficit with China was $6 million. In 2001, when China joined the WTO, it was $83 billion.
The next year, the U.S.-China trade deficit jumped to $103 billion. By 2005, it was $202 billion. By 2012, it was $315 billion.
In 2018, it peaked at $419 billion.
What is the United States buying from China?
In 2019, according to the Census Bureau, the top six imports American consumers purchased from China were "cell phones and other household goods" ($64.5 billion); "computers" ($42.3 billion); "toys, games, and sporting goods" ($26.5 billion); "apparel, textiles, nonwool or cotton" ($24.4 billion); "telecommunications equipment" ($24.4 billion)" and "computer accessories" ($18.7 billion).
The State Department's 2019 report on human rights in China begins with these words: "The People's Republic of China (PRC) is an authoritarian state in which the Chinese Communist Party (CCP) is the paramount authority. CCP members hold almost all top government and security apparatus positions."
But this authoritarian state run by the Communist Party provided the labor to produce tens of billions of dollars in cell phones and computers that were sold last year in the United States of America.
America ought to deliver a very simple message to the authoritarians in Beijing: As long as you are not a free country, you will not be able to freely sell your products here.
Cancel all orders effective immediately
A little misleading. Using the term deficit, he makes it sound like China has $5 trillion in IOUs from the US. All Chinese imports are bought and paid for.
Furthermore, what does he think the Chinese do with US dollars? They ain’t stuffing them in their mattresses.
Thanks, Bill Gates and other enablers.
How are you free if someone can tell you from whom you may purchase something?
> How are you free if someone can tell you from whom you may purchase something? <
That’s a fair question. It’s a slippery slope, but sometimes national security interests trump all. For example, the United States was neutral in 1940. But we still restricted trade with the Axis. For example, no American helium for Nazi dirigibles!
Is today like 1940? I don’t know. Maybe.
Well, that is a darn good point.
The trade imbalance with Red China is a double whammy. Cheap labor and ignoring pollution from factories in China have made Chinese made goods seem cheaper for us to buy which closed US factories that made similar goods. Those US dollars help finance the CCP dictatorship’s plans to become world masters. China has recycled some of our dollars into US Treasury bonds to the extent they would ruin us if they dumped/sold them all at once.
Just stick the Chicomms with it. Do not allow ANY trade with China. Sanction the officials. Seize and sell Communist Chinese assets in this country. Cancel our debt to them.
It’s hard to take a stand against ChCom crap when everyone else is buying it left and right.
This is out there
Big Pizza
https://iamthestorm2020.blogspot.com/2020/04/how-to-take-down-big-banks-and-big-tech.html?m=1
Good. The US should just drop the mic and walk away from it.
Digital Totalitarianism
http://galeinnes.blogspot.com/2020/04/digital-totalitarianism.html?m=1
Nope, only a globalist, china pimp would say that the term deficit is misleading.
It is either a deficit or a surplus or balanced trade.
There are no other choices.
What would you call it, comrade?
Do you work for a company that profits by china's trade surplus or are you just a chi-com troll?
> Just stick the Chicomms with it. <
This virus has given us a unique opportunity to do just that. As the liberals might say, never let a crisis go to waste.
There is no need to provoke Red China into doing something foolish. But seizing their assets to pay for the damage their virus caused...yes, that should be done. But diplomatically, not arrogantly.
“We are so sorry to have to do this, but our lawyers tell us we must put your assets - including your Treasury bills - on hold for now. And we must place tariffs on all your goods. It’s a shame. But you know how lawyers are.”
Curious if you typed out your reply on your American made computer...
Most politicians should be.....I can’t say it because it is against the rules. What they have done is criminal and evil to our country and the people.
China owns about $1.1 trillion in U.S. debt, or a bit more than the amount Japan owns. It won’t be enough just to default on China’s bonds. They’ve caused 10 times the damages.
“Thanks, Bill Gates and other enablers.”
Would that include people who have purchased cellphones and computers? Just asking.
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