Aly Song | Reuters
As the deficit has continued to swell, American workers have suffered, according to the Economic Policy Institute, a nonpartisan think tank in Washington, D.C. generally considered to be left-leaning.
Among the study’s findings: Some 1.7 million jobs have disappeared since the beginning of the financial crisis in 2008; of the total losses, 2.8 million, or about three-quarters, have come from manufacturing; and the deficit continues to grow, with employment taking a hit across all 50 states even as nonfarm payrolls have continued to grow.
Along those lines, he has instituted billions of tariffs, though tensions between the sides have eased somewhat following an agreement on a phase-one deal.
One of the big issues it cites is the admission of China into the World Trade Organization, a move that was supposed to boost U.S. exports to China but instead resulted in a flood of dumped goods and a wave of outsourcing that has hit manufacturing and technology particularly hard. The authors also were critical of China’s previous moves to devalue its currency, which benefits exports.
The authors of the report said Trump was right in going after China on trade but said the efforts should be strengthened.
Despite the tariffs and emphasis on shifting the balance, the U.S. still had a $320.8 billion deficit with China in 2019. But that was a sharp decline from 2018, which saw a record $419.5 billion shortfall.