It is time to reorient international trade and economic relations in the United States. We must put an end to unfair trade practices, such as currency manipulation, which are the main cause of U.S. trade deficits and trade-related job losses. The United States must develop a results-based approach to trade negotiations, which aims to rebalance world trade and ensure that the benefits of trade are widely shared and not passed on to those with the greatest wealth and power in our society. He says the trade agreement that allowed China to join the World Trade Organization in late 2001 cost 3.2 million jobs over the next 12 years. But China`s accession to the W.T.O. has not changed U.S. trade policy and has not removed barriers to Chinese exports to the United States. Indeed, the W.T.O.
agreement allowed the US authorities to continue to apply specific rules to China to facilitate the application of anti-dumping duties on Chinese imports. The pact did not allow China to ship goods to the United States. The only thing the United States did was to permanently pursue the long-standing application of normal trade treatment under U.S. customs law (without anti-dumping cases), instead of being subject to virtually automatic periodic extensions. It is not surprising that voters on the right and left are dissatisfied with American trade policy – and they have every right to be. For years, the United States has had much larger trade deficits than other industrialized countries, which has led to an increase in trade-related job losses. While increased exports tend to support domestic employment, increased imports cost jobs and reduce domestic production. As a result, the size and growth of trade deficits are strongly correlated with trade-related job losses. Saying that trade deals are good for America doesn`t mean they benefit all Americans.
Some companies may take advantage of these new opportunities, others are suffering from increased competition. Yes, trade agreements may supplant some workers from their current jobs, but they also create many new jobs in sectors where America has a competitive advantage, such as business services and high-tech industries.