American - Politician | September 16, 1950 -
A key U.S. initiative in this trade war must be to develop reliable trading partners in the world.
Jo Ann Emerson
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With a strong domestic economy, low national unemployment at 5 percent, and increasing retail sales, the picture should look rosy. But one look at the trade deficit changes all of that.
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America's largest trade deficit is with China, a nation that enjoys Permanent Normal Trade Relations with the U.S. and ties its currency to the dollar to make it a more competitive trading partner.
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As the U.S. trade deficit, and the portion of that deficit attributed to China, continue to grow, our own economy is at risk of losing its reputation as a leader in world trade.
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China is not only formidable, it is also aggressively building its own economic infrastructure. Just a few years from now, China will rival the U.S. and the European Union in global market power. It already has surpassed us in population.
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Already, China has undermined U.S. foreign policy in efforts to gain access to oil resources in Iran and Sudan. We simply cannot separate the political and economic values of oil.
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America won the Cold War by protecting our strategic resources from the threat of foreign control. We must bring the same attitude to our trade relationship with China.
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All those trucks and barges that carry our goods to port are vital connections to the only force which can balance our trade deficit: export. We must keep doing what we do best if we are going to get America out of the red.
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