trade-deficit

Unfair Trade: 10 Questions About Our Globalized Economy That Neither Conservative Or Liberal Supporters Of Current U.S. Trade Policies Can Answer

The Economic Collapse Oct 20, 2010 Most Americans still seem to be convinced that “free trade” is “fair trade” and that to be against current U.S. trade policies and globalization means that you are anti-business, anti-free enterprise and anti-American.  In the mainstream media, any unfair trade practices that are brought up are treated as minor nuisances that will be ironed out as we march towards the glorious globalized economy of the future.  But the truth is that the kind of world trade that is going on today is neither “free” nor is it “fair”.  Major exporting countries around the globe are openly manipulating their currencies, they are heavily subsidizing their major industries and they are erecting huge tariffs against many U.S. goods in order to protect their own domestic companies.  Meanwhile, U.S. consumers enjoy mountains of cheap goods, but thousands of factories, hundreds of thousands of jobs and hundreds of billions of dollars of national wealth leave our country for good every year.  So how in the world is that good for us?  It is kind of like ripping apart your house to get more firewood just to keep the fire going.  Eventually you aren’t going to have a house anymore. The other day, my article entitled  “The Number One U.S. Export To China: Waste Paper And Scrap Metal” really struck a chord with many advocates of current U.S. trade practices.  For example, one reader identified only as “Someone” left a comment that was typical of many that were posted on the article…. “The author of this article has shown no knowledge of economics.” Well, it doesn’t take a genius to look at the numbers and figure out that something is wrong.  In 1985, the U.S. trade deficit with China was 6 million dollars for the entire year .  In the month of August alone, the U.S. trade deficit with China was over 28 billion dollars . Can anyone else spot a disturbing trend there? Years ago, I was also one of those who believed that because I was “pro-business” that also meant that I had to defend “free trade” and trade agreements such as NAFTA and the WTO. After all, I didn’t want to be labeled “anti-business” or “anti-American” did I? But the truth is that merging our economy with socialist and communist economies that allow their workers to be paid slave labor wages is not “pro-business” and it certainly is not “pro-American”.  Allowing entire U.S. industries to be destroyed because of the unfair predatory trade practices of socialist and communist economies is not “pro-business” and it certainly is not “pro-American”.  If you want to have “free trade”, then by definition you must have a level playing field.  For example, trade with Canada (although not perfect) is mostly a very, very good thing.  Trade with China is not. Many readers have suggested that all we have to do …

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U.S. Trade Deficit Surges to a 21-Month High

Filed in New Gold, recession, South African Gold, trade-deficit by on August 11, 2010 0 Comments
U.S. Trade Deficit Surges to a 21-Month High

Filed under: Market Matters , Economic Data , Recession The news on the import/export front is not good. The Commerce Department reported that our trade deficit widened to $49.90 billion in July, a 21-month high. Economists surveyed by the Wall Street Journal had expected the deficit to come in at $42.7 billion. The wider deficit was caused by a increased imports and a drop in exports. Exports shrank by 1.3% to $150.45 billion, while imports jumped to 3.1% to $200.35 billion, up from $194.42 billion. Continue reading U.S. Trade Deficit Surges to a 21-Month High U.S. Trade Deficit Surges to a 21-Month High originally appeared on BloggingStocks on Wed, 11 Aug 2010 10:30:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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US Trade Deficit Widened in February

Filed in economy, Spot Gold, trade-deficit by on April 13, 2010 0 Comments
US Trade Deficit Widened in February

Filed under: International Markets , China , Money and Finance Today , Economic Data The US economy is picking up steam and so too is the US trade deficit . Overall, the trade deficit grew by 7.4% to $39.7 billion in February. Americans are returning as consumers, buying computers and consumer products.The is the key factor in the rise in the trade deficit. Compared to last year, the trade gap is up nearly 50%. Continue reading US Trade Deficit Widened in February US Trade Deficit Widened in February originally appeared on BloggingStocks on Tue, 13 Apr 2010 15:00:00 EST. Please see our terms for use of feeds . Read | Permalink | Email this | Comments

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U.S. Trade Deficit Widened in February

U.S. Trade Deficit Widened in February

Filed under: International Markets , China , Money and Finance Today , Economic Data The U.S. economy is picking up steam and so too is the U.S. trade deficit . Overall, the trade deficit grew by 7.4% to $39.7 billion in February. Americans are returning as consumers, buying computers and consumer products.The is the key factor in the rise in the trade deficit. Compared to last year, the trade gap is up nearly 50%. Continue reading U.S. Trade Deficit Widened in February U.S. Trade Deficit Widened in February originally appeared on BloggingStocks on Tue, 13 Apr 2010 15:00:00 EST. Please see our terms for use of feeds . Read | Permalink | Email this | Comments

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China to Post Its First Trade Deficit in Six Years

Filed in New Gold, South African Gold, trade-deficit, yuan by on April 9, 2010 0 Comments
China to Post Its First Trade Deficit in Six Years

Filed under: International Markets , Economic Data , Currency In an unusual turnaround, China will post its first trade deficit in six years . Imports most likely exceeded exports by $390 million in March, after a $7.6 billion trade surplus in February. This brings into question whether China will allow the yuan to trade upward. At present, the yuan is pegged to the U.S. currency at 6.83 yuan to the dollar. The U.S. is pressuring China to change its currency policy to bring down the U.S. trade gap with China, which was $227 billion last year. It is believed that China will announce a small, one-time jump in the yuan in coming weeks. Continue reading China to Post Its First Trade Deficit in Six Years China to Post Its First Trade Deficit in Six Years originally appeared on BloggingStocks on Fri, 09 Apr 2010 09:50:00 EST. Please see our terms for use of feeds . Read | Permalink | Email this | Comments

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China, U.S. Currency War Escalating

China shot off its own response to the aggressive comments by some American politicians and business leaders over the alleged idea that they are manipulating their currency to their own advantage.With political pressure in the U.S. mounting, this could turn into an unpleasant and unprofitable dispute for both countries, with the U.S. having the most to lose. Some business groups claim the yuan is

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