Study: U.S. Trade Gap With China Has Cost us 2.1 Million Jobs

“WASHINGTON (Reuters) – The huge U.S. trade deficit with China, fueled by Beijing’s actions to depress the value of its currency, displaced or eliminated more than 2.7 million American jobs between 2001 and 2011, the labor-friendly Economic Policy Institute said on Thursday in its latest look at the issue.

The institute estimated that nearly 77 percent, or more than 2.1 million, of the lost jobs were in manufacturing.

The think tank receives about 30 percent of its funding from union groups, which have pressed both the administration and Congress for tougher steps to rein in the growing trade deficit with China, which hit a record $295 billion in 2011.”

Full article