2.8M US jobs lost due to China trade deficit
Sep 20, 2011 | 04:40 PM
| Catherine Ngai
Tags
economic policy institute,
epi,
currency manipulation,
Scott Paul,
Robert Scott,
Catherine Ngai
NEW YORK — As many as 2.8 million American jobs—mostly in the manufacturing sector—were lost between 2001 and 2010 as a result of the growing trade deficit with China, according to a new study released Tuesday by the Economic Policy Institute (EPI).
"The United States is piling up foreign debt and losing export capacity, and the growing trade deficit with China has been a prime contributor to the crisis in U.S. manufacturing employment," EPI’s director of trade and manufacturing policy research Robert E. Scott wrote in the report.
According to data from the U.S. Census Bureau, the United States exported $91.8 billion worth of goods to China in 2010, while it imported $364.9 billion worth of goods from China, causing a $273.1 billion deficit that year.....
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