Not sure where you’re getting your info but as end of Sept this year we imported 418 billion dollars.
The Reagan Administration has decided on a series of measures to lift trade restrictions against China imposed over the years because of its Communist Government, and also to hold extensive talks on possible sales of military equipment.
State Department officials said that the National Security Council agreed yesterday on the measures, in advance of the June 14-17 visit to China by Secretary of State Alexander M. Haig Jr.
The aim of the decisions, one official said, is ‘‘to treat China as a friendly less-developed country and no longer as a member of the international Communist conspiracy.’’ ‘Rich Dialogue’ for Haig in China.
Yeah I accidentally posted the export # as the import # but the point does not change. Total import form China less than Walmart Revenue, less than Amazon revenue etc.
Replacing Chinese imports with imports from India or Taiwan or with domestically made stuff would cost less than stuff political types advocate on an average Tuesday.
The cost of human labor in an Iphone is not a very large part of the cost of an Iphone. There would arguably be a bigger difference in changing from China’s 25% corporate tax to Americas punitive corporation-smashing corporate taxes
They became an economic power by under cutting the rest of the world in regulations and wages. They also hired and made it real easy for foreign people to do business there. Gave great deals to corporations. That’s all easy! BUt they don’t do that anymore. What he wants to do now is hard. If govt could wave a magic wand and make everyone richer with regulations and govt control they would do it. But it never works in the long run. Because most govt people don’t understand business.
So, I’m not worried.
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Most favored nation status and China’s membership date from Clinton’s administration.
The idea was that China would become a multiparty democracy. In reality, China has overwhelmed the US political system with foreign influence and corruption while China remains a one-party dictatorship. The US has become more like China, not the other way around.
“Membership in the W.T.O., of course, will not create a free society in China overnight or guarantee that China will play by global rules,” Clinton said that day. “But over time, I believe it will move China faster and further in the right direction.”
The Tragic Legacy of Bill Clinton’s China Doctrine - Policy Magazine
Obviously every president since Nixon either didn’t accurately recognize China’s rise or failed to contain them. Plenty of blame to go around for both parties.
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Fair statement.
I will reiterate here though that I have been largely supportive of the US engagement with china over the past decades. I believe we have been doing the right thing.
But “doing the right thing” does not mean “do the same thing again and again even when the situation changes.”
The situation has changed.
One day it is right to host a BBQ.
On another day the weather is different and the right thing to do is board up your windows and take in the lawn furniture.
It is time to board up the windows.
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Or American leaders of both parties have been feeding at the trough. Trump was the first leader to seriously challenge that situation.
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