trade deficit essays

trade deficit essays The Bush administration must eliminate the United States present trade imbalance if it is to remain the world power that it is. The Bush administration, after ignoring the devastation that flawed trade policies have spread through the manufacturing sector for two-and-a-half years, is finally starting to acknowledge the situation. One focus of the administrations new attention is our imbalanced and unsustainable trade relationship with China. Since granting China permanent normal trade status in 2000, the U.S. trade deficit with China has increased by almost 25 percent, hitting a staggering $103 billion last year-making it our single largest bilateral deficit. The deficit with China is set to grow again this year, and we continue to buy more than $5 worth of goods from China for every dollar worth of goods we sell to China. As our trade deficit climbs, more workers lose their jobs. During George W. Bushs presidency, more than 2.5 million manufacturing jobs have already disappeared. If the Bush administration is serious about ensuring that there is a fair playing field when it comes to trade with China, there are a number of concrete steps they could take to combat unfair trade practices, control our ballooning trade deficit, and save American jobs. But a quick glance at the record of the Bush presidency shows that they prefer to use words rather than action when it comes to trade with China. The Bush administration has refused to hold the Chinese government to its international obligations on trade, currency manipulation and human rights, has denied American businesses import relief they are entitled to under the law, and has taken positions at the WTO that will only worsen our trade relationship with China. China became a member of the World Trade Organization (WTO) in 2001, and since then China has repeatedly and consistently failed to comply with WTO rules. The Bush administration, rather than take...