Field Investigation: The Impact of U.S.-China Trade and Investment on Pacific Northwest Industries. Briefing Paper

摘要

From August 2000 to August 2004, the United States lost a far larger share of its Private Sector jobs and its Manufacturing jobs than at any other four year period since the 1930s. The US also suffered the smallest gain in the growth of Private Services-providing jobs since data were first collected in 1939. Despite near record monetary and fiscal policy stimulus, industrial and particularly manufacturing output has been extraordinarily weak. Fortunately, productivity growth has remained strong. Unfortunately, US production has been displaced by an ever-rising record tide of net imports, particularly from China with which the US has an imbalance of nearly six-to-one imports-to-exports and a trade deficit of over $12 billion each month. The global US Current Accounts deficit set a new record of near -$531 billion in 2003 and is on a track to exceed -$630 billion in 2004. The overall deficit in globally traded goods and services has reached a record -5.4% drag on real Gross Domestic Product--compared with a -2.5% drag reached at the height of competitiveness concerns in 1986.