Trade with China has cost U.S. 2.8 million jobs, study says
Furniture Today Staff -- Furniture Today, September 21, 2011
WASHINGTON — Trade with China in the past decade has cost the United States 2.8 million jobs, including 81,400 in the furniture and fixtures industries, according to a study released by the Economic Policy Institute here.
The report said currency manipulation, with China keeping its yuan undervalued to keep its exports cheap, was a "major cause" of the growing U.S. trade deficit with China from 2001 to 2010.
A group supporting trade, the U.S.-China Business Council, denounced the study. Erin Ennis, vice president of the group, said the study "is still based on the faulty assumption that every product imported from China would have been made in the U.S. otherwise," while much of the production would still have shifted to other low-wage countries, The Hill blog reported.
Robert Scott, the Economic Policy Institute's director of trade and manufacturing policy and the author of the study, said the job displacement because of the trade deficit amounted to about 2% of total U.S. employment during the period. Of the 2.8 million jobs displaced, 1.9 million were in manufacturing, the study said.
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