“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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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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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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