China Has Slowly Been Bleeding Us Dry

economyincrisis ^ | 3/24/16 | John Olen

[central_va]

Most favored nation status has been controversial over the past couple of decades, especially with China. Nancy Pelosi (back when Democrats gave a crap about some aspects of America. Now both parties have been bought and paid for.) voiced her concerns in June of 1997 in a hearing before the Subcommittee on Trade. At the time, Congress was discussing whether to grant China unconditional MFN status. She rebutted the arguments that were in favor of MFN status to China by demonstrating that it is a bad idea for our jobs and for our economy:

“Less than 2 percent of U.S. exports are allowed into China, while over 33 percent of China’s exports come to the United States. From 1985 to 1996, U.S. exports to China grew three times, while imports from China grew 13 times. Last year, U.S. exports to China totaled $11.9 billion, an increase of only $200 million from the year before. At the same time, U.S. imports from China totaled $51.4 billion, an increase of $6 billion over 1995. We should be gravely concerned about the lopsided ratio of imports to exports in the status quo. The ratio of U.S. imports to exports with China is 4.3 to 1. With Japan, the country with which we have the largest trade deficit, the ratio of imports to exports is only 1.7 to 1.”

[central_va]

n addition, China’s continued high tariffs and non-tariff barriers continue to limit access to the Chinese market for most U.S. goods and services despite the Chinese government’s promise to open markets in 1992.

[TheTimeOfMan]

And this is why we raise tariffs until the balance of trade with other nations, individually, is even. Not doing so is sheer stupidity.

Free trade is GREAT. As long as it is fair trade.

[GOPJ]

I’ll bet folks in Congress made a fortune in ‘donations’ for the bad trade deals that are destroying the country.

Elites? In a pig’s eye...

[central_va]

Bump