While the Trump administration says ‘unfair competition’ has cost U.S. jobs, economists insist trade is beneficial an creates jobs. American labor and industry officials on Thursday blamed unfair foreign competition for destroying U.S. jobs, something President Donald Trump has railed about repeatedly. But in response to the administration’s call for comment on the causes of the U.S. trade deficit, economists and industry groups stressed that trade is beneficial and creates jobs throughout the economy, even if some are lost locally. The influential U.S. Chamber of Commerce said the trade deficit is not “an appropriate gauge of whether a particular set of trade policies — or trade agreements — is delivering benefits to the American people more broadly.” “It would be mistake … to assume a link between the U.S. trade deficit and U.S. employment,” it said in a statement. But the anecdotal stories of pain caused by trade are compelling and play into the Trump administration’s aggressive stance on trade policy. A hearing Thursday on the trade deficit came the same day the administration officially announced it will renegotiate the North American Free Trade Agreement, and launched yet another trade dispute with Canada over subsidies allegedly provided to aircraft manufacturer Bombardier. ‘Lost jobs’ “Trade deficits aren’t economic indicators of cheap goods. Trade deficits are indicators of lost jobs,” Leo Gerard, international president of the United Steelworkers labor group, told the hearing. “If you don’t have a job, it don’t matter how cheap the stuff is.” The Trump administration has vowed…more detail
You are here: / / Is the US trade deficit destroying jobs?
The most read Vietnamese newspaper
Previous article: Nam Dinh: Outstanding collectives and individuals following Ho Chi Minh’s teachings appraised
Next article: 200 valuable publications released