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Quick Hit
by Ellyn Fortino
5:08pm
Mon Dec 14, 2015

Report: Walmart's China Imports Displaced 400,000 U.S. Jobs

More than 400,000 U.S. jobs were displaced between 2001 and 2013 due to Walmart's imports from China, according to new research from the Economic Policy Institute (EPI).

Of those displaced U.S. jobs, 314,500 were in the manufacturing sector, the progressive think tank found.

Walmart, the world's largest retailer, imported over $49 billion worth of goods from China in 2013, up from $11.4 billion in 2001, when China became a member of the World Trade Organization (WTO), according to the research.

The report showed that Walmart likely drove about 15 percent of the U.S. goods trade deficit with China between 2001 and 2013, representing an increase of $36.7 billion over that time period.

The U.S. goods trade deficit with China grew from $84.1 billion in 2001 to $324.2 billion in 2013.

"The current unbalanced U.S.-China trade relationship is bad for both countries, and Walmart has played a major role in creating that imbalance," wrote report author Robert Scott, EPI's director of trade and manufacturing policy research. "The United States is piling up foreign debt, losing export capacity, and facing a more fragile macroeconomic environment."

Quick Hit
by Ellyn Fortino
12:38pm
Tue May 12, 2015

Currency Manipulation Key Issue In Heated Debate Over TPP, 'Fast-Track' Trade Bill

As debate over the Trans-Pacific Partnership (TPP) deal rages on, a growing number of lawmakers and economic experts are troubled by the massive trade agreement's lack of strong rules against currency manipulation by foreign member countries. Calls for currency manipulation prohibitions in the TPP also come amid heated deliberation over legislation that would give President Barack Obama "fast-track" trade authority.

Currency manipulation involves a country artificially suppressing the value of its currency, usually relative to the U.S. dollar, to reduce the price of its exports, essentially giving itself a leg up over competitors. This practice is a key cause of the continuing U.S. trade deficit and has displaced between 1 million and 5 million American jobs.

It's estimated that between $200 billion and $500 billion of the U.S. trade deficit is due to currency manipulation by foreign countries, according to research from the Washington, D.C.-based Peterson Institute for International Economics.

PI Original
by Ellyn Fortino
7:20pm
Mon Oct 27, 2014

Election Preview: A Look At The Expensive 55th District State Rep. Race

Progress Illinois takes a closer look at the state representative race in the 55th district.

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