Trade Deficit With China Results In 3.4 Million Lost U.S. Jobs
The Metals Service Center Institute (MSCI) has continually advocated for stronger efforts to address Chinese dumping, currency manipulation, and metals overcapacity. These policies harm U.S. workers, the industrial metals supply chain, and the U.S. economy.
Last week the Economic Policy Institute (EPI) released a report that outlines the effect that the U.S. trade deficit with China has on the U.S. economy. According to EPI:
- The U.S. has lost 3.4 million jobs between 2001 and 2015 due to the trade deficit with China, including 1.3 million jobs lost since 2008;
- Nearly 75 percent (2.6 million jobs) of the jobs lost between 2001 and 2015 were in manufacturing;
- Jobs have been lost in every state and in every congressional district because of China’s unfair trade policies;
- Between 2001 and 2011, growing trade deficits reduced the incomes of directly impacted workers by $37 billion per year; and
- Growing competition with imports from China and other low wage countries reduced the wages of all non–college graduates by $180 billion per year.