China Trade Imbalance Costs 2.7 Million U.S. Jobs: Report
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A $295 billion trade deficit with China resulted in the loss of 2.7 million U.S. jobs in the past decade, with the biggest impact in California’s Silicon Valley, according to a report from the Economic Policy Institute.
China’s failure to let its currency appreciate while also repressing labor rights and keeping wages down has led to more than 2.1 million lost manufacturing jobs, according to the report released today in Washington. That total includes more than a million jobs in the computer and electronics parts industry. Industries including apparel, textiles and fabricated metal-products lost about 600,000 jobs, according to the report.