Building a New Economic Relationship

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Building a New Economic Relationship
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Ultimately there are two ways to reduce the China-US trade imbalance: restricting imports or expanding exports. The former represents a zero-sum game in which the interests of one party is protected at the expense of the other party and retaliation leading to mutual harm is likely to result. The latter, expanding exports, is more desirable. For the US, increasing the export of products it has a comparative advantage in producing will effectively reduce the trade deficit and create more jobs. According to a Department of Commerce estimate, about 6,000 jobs can be created for every $1 billion in additional exports. For China, importing American products helps satisfy higher consumer demand and brings in new technologies, especially in the fields of aviation and robotics, which have been under American export restrictions.

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