US-China trade deficit

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US Scores Win With China Rice Deal

Beijing to allow US imports for first time

(Newser) - A big win for the US amid troubled trade talks with China: After more than a decade of disagreement on the issue, Beijing has agreed to allow rice imports from the US for the first time, the BBC reports. Industry organization USA Rice says the deal includes strict standards to... More »

Study: Walmart's Chinese Imports Cost 400K US Jobs

The world's largest retailer disagrees

(Newser) - America's favorite big-box retailer may be responsible for the loss of hundreds of thousands of US jobs since 2001, Fortune reports. According to a new study from the Economic Policy Institute, Walmart's importing of cheap Chinese goods resulted in the elimination of 400,000 American jobs between 2001... More »

Booming China Wants More of Our ... Soybeans

Exports are up, but so is the trade deficit

(Newser) - China is growing richer, and it wants more and more of what our land produces. US exports to the country are up 50% over 2008, and food led the pack last year—soybeans in particular. Why? They're cheaper to import than feed grain, and are used to beef up... More »

China Threatens 'Trade War' Over Senate Bill

Bill would place tariff on countries that depress their currencies

(Newser) - A senior Chinese official warned today that the US is in for a “trade war” if it enacts a Senate bill that would punish China for artificially keeping its currency low. The bill “in no way represents the reality of the economic and trade relationship between China and... More »

Joe Biden to China: 'US Never Will Default'

VP calls on China to rein in North Korea, Iran, and allow more freedom

(Newser) - Vice President Joe Biden wrapped up his five-day visit to China with a strong message of China-US interdependence and firm promises that the United States would never default on its debt, reports Reuters . Speaking in the southwest city of Chengdu earlier today, Biden emphasized the continued strength of the US... More »

'Guidelines,' No Specifics, at G20

Obama slams China over currency manipulation

(Newser) - G20 leaders have agreed to curb “persistently large imbalances” in saving and spending and set “indicative guidelines” against trade imbalances, but more specific decisions on how to identify and fix said imbalances were left until next year, reports the New York Times . The finance minsters are to agree... More »

China's Hurting Us By Lending to Us

Japan's figured this out, why can't we?

(Newser) - When Japan’s finance minister complained last week about recent Chinese purchases of Japanese bonds, it “made me want to bang my head against the wall in frustration,” writes Paul Krugman of the New York Times . See, the US has repeatedly refused to do anything about China’s... More »

China Beats Japan to Become 2nd-Largest Economy

Second-quarter output surpasses Asian rival

(Newser) - In an unprecedented feat for a still-developing country, China has become the world's second-largest economy after edging ahead of Japan. Second-quarter GDP figures show China's output at $1.339 trillion, well ahead of Japan's $1.288 trillion. Because China is already in the habit of outperforming Japan in the later... More »

Obama Can Expect No Love From Beijing in 2010

The 'world's most important relationship' is dysfunctional

(Newser) - China's brimming with confidence and that means a rocky year ahead for the world's most important relationship, writes Roger Cohen. US-China relations are likely to take a turn for the worse this year as Beijing, buoyed by its ever-expanding economy and $2 trillion in foreign reserves, rejects President Obama's overtures... More »

Obama Tone in China Reflects New Power Realities

US needs China's help as never before

(Newser) - President Obama's starkly different tone in his visit to China—more congratulatory than confrontational—is less a shift in policy from his predecessors than a change in the two country's roles, write Andrew Higgins and Anne Kornblut in the Washington Post . When President Clinton visited in 1998, the US was... More »

Obama's China Visit Achieves Little

In fact, it just illustrates the 'yawning' economic differences

(Newser) - President Obama and Chinese leader Hu Jintao paid lip service today to the idea of stronger US-China relations, but Obama's visit has done nothing but highlight the "yawning differences" between the two nations on economic issues, writes Dexter Roberts. "Lofty statements of common interests aside, the all-important Sino-US... More »

Obama, Hu Begin Bridging Divide

Superpowers work to find common ground on nukes, climate, economy

(Newser) - President Barack Obama and Chinese President Hu Jintao emerged from intense talks today determined to marshal their combined clout on crucial issues, but still showing divisions over economic, security, and human rights issues that have long bedeviled the two powers. "The relationship between our two nations goes far beyond... More »

Bernanke: US Must Save More, Asia Spend More

Fed chief warns global imbalances could trigger new meltdown

(Newser) - The world economy is headed back down the drain if Asians don't start spending more and Americans don't start saving more, Ben Bernanke said at a conference yesterday. The Fed chief warned that unequal trade patterns were partly to blame for the financial crisis and that they are re-emerging as... More »

Geithner to China: Your Assets Are Safe

Treasury secretary seeks to reassure China about growing US deficit

(Newser) - Tim Geithner began his trip to China with a speech at Peking University, where the Treasury secretary said that once the current recession and financial crisis are over, the administration will bring down soaring fiscal deficits. But students at the college where Geithner himself once studied peppered him with tough... More »

This Rally May Be the Real Deal

Positive indicators, better policy, historical benchmarks; the time is right for a bottom

(Newser) - The tentative rally on Wall Street is reason enough for one economist to feel hopeful: "I’m ready to take another shot at calling the bottom," writes Michael Mandel in BusinessWeek. Since (apparently) bottoming out March 9, stocks have risen 20%, and the reasons behind the climb are... More »

For Chinese Companies, US Is Prime Real Estate

'They don't want to miss this opportunity to bottom-fish in the US,' official says

(Newser) - For years, American investors have hungrily flocked to China’s massive market, but now the money’s flowing the other way, too, the Los Angeles Times reports. China invested $9.8 billion in the US in 2007, and not all in big government buys either. With real-estate and other costs... More »

Oil Sends Trade Deficit to 14-Month High

Soaring crude prices overshadow strong growth in US exports

(Newser) - The trade deficit widened 9.3% to $63.1 billion in November, despite a healthy growth in exports. With the dollar down, and demand for US goods rising in Asia and Latin America, exports moved at a healthy clip. But spending on imported oil overshadowed everything else, Bloomberg reports. “... More »

China OKs US Health Inspections

Beijing renews objections to 'hyped' product safety concerns

(Newser) - China will allow US health inspectors to monitor the country’s food and drug exports, the Washington Post reports, a big concession in heated high-level trade talks. China accuses the US media of tarnishing its reputation by overblowing safety concerns, and has in turn questioned US exports. China is the... More »

China Agrees to End Trade Subsidies: US

'Market-distorting' tax breaks helped create imbalance

(Newser) - China agreed today to end trade measures the US had called “market-distorting”, the Associated Press reports, ending a months-long dispute before the world's top trade board. One set of tax breaks encourages Chinese firms to boost exports to the US and other countries; another set of tariffs made it... More »

China's Trade Surplus Hits $27B

Exports continue to outpace import growth

(Newser) - China's trade surplus rose to a record $27.05 billion last month, up 13.5% over last year despite a 25.5% balloon in imports, Bloomberg reports. The number lagged forecasts, raising the possibility that new trade policies are gaining traction, Reuters reports. US and EU officials will travel to... More »

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