The U.S.-China trade deficit has eliminated or displaced nearly 2.8 million jobs, mainly in manufacturing, following that country’s entry into the World Trade Organization (WTO) in 2001, according to a study released today. View an interactive map of jobs lost throughout the United States here.
If China increased the value of its currency to its real level, the resulting growth in the United States could create 2.25 million new U.S. jobs, according to a new report.
The Benefits of Revaluation, released today by the Economic Policy Institute (EPI), explains that if the value of the Chinese currency, the yuan, and satellite currencies, such as those in Hong Kong, Taiwan, Singapore, and Malaysia, were increased by 25 percent to 30 percent against the dollar, the U.S. gross domestic product would grow as much as $285.7 billion, creating up to 2.25 million U.S. jobs. Creating that many jobs would reduce the U.S. unemployment rate by at least one full percentage point.
To date, 682,900 U.S. jobs have been lost or displaced since the North American Free Trade Agreement (NAFTA) took effect in 1994, a new Economic Policy Institute (EPI) study finds. The main reason for the job loss is a $97.2 billion trade deficit with Mexico. In 1993, one year before NAFTA was implemented, the United States had a $1.6 billion trade surplus with Mexico that supported nearly 30,000 U.S. jobs.
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