2.3 million US jobs lost to China since 2001

According to a study released today by the Economic Policy Institute, the increasing US trade deficit with China has cost 2.3 million American jobs between 2001 and 2007, including 366,000 last year alone. These displaced workers lost an average of USD 8,146 last year a total of USD 19.4 billion as they moved to lower paying jobs.

The EPI study reveals that workers producing exports are not earning as much as those in industries hurt by imports. US exports to China are heavily concentrated in commodities, including scrap products and agricultural goods, while 98% of Chinese imports were manufactured products. Average wages earned producing US exports to China paid 4.4% less than jobs lost to imports from China.

Mr Scott Paul executive director of the Alliance for American Manufacturing said that ¡°Our flawed trade relationship with China is destroying good jobs throughout the US manufacturing sector.

Rapidly growing imports of computers and electronic parts accounted for nearly half of the USD 178 billion increase in the trade deficit with China between 2001 and 2007. More than a quarter of last year¡¯s trade deficit, USD 68 billion, was due to advanced technology products, nearly six times the deficit in 2002. In contrast, the United States has a USD 15 billion trade surplus with the rest of the world in advanced technology products.

More than half of the jobs displaced by trade with China were in the top half of American wage earners. Nearly a third of the jobs lost were among workers with a college degree.

The job losses are having a major impact on minority Americans. The growing trade deficits displaced 230,065 African American workers and 339,065 Hispanics. Asian American and other minorities lost 219,235 jobs.

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