Raymond Richman - Jesse Richman - Howard Richman
Richmans' Trade and Taxes Blog
No growth in US goods exports to China in 2009
Howard Richman, 2/11/2010
According to preliminary trade statistics released by the Bureau of Economic Analysis on February 10, U.S. goods exports to China shrunk by a miniscule .002% in 2009 while U.S. goods imports from China shank by a massive 12.2%. These statistics reflect the relative growth rates of the two economies, as shown in the following table:
| Country | Nominal GDP Growth Rate | Goods Import Growth Rate |
| China | 8.7% | -0.002% |
| United States | -1.26% | -12.2% |
The following table displays the actual trade data:
| Year | US Goods Exports to China | US Goods Imports from China |
| 2008 | $69.733 billion | $337.773 billion |
| 2009 | $69.576 billion | $296.402 billion |
Next year, Amercan GDP is expected to grow, so our goods imports from China can be expected to grow. Chinese GDP is also expected to grow next year, so its goods imports from the United States can be expected to stay about the same.
Archive Feb 2012
- Review of Baumol and Gomory's book: Global Trade and Conflicting National Interests
- Germany, Greece, the Euro, and the Gold Standard
- McCain's economic advisors cost him the Presidency and may cost him his Senate seat
- The Costly Obama Stimulus Is Not Working
- Pfizer moving R&D from Connecticut to China
- Obama giving US R&D to China - we're published in today's American Thinker
- A Review of W. Raymond Mills "Managing ForeignTrade"
- IMF figuring out capital inflows; U.S. still clueless
- Review of: Ha-Joon Chang, Bad Samaritans:The Myth of Free Trade
- China's not selling. China's Buying
- US Companies Required to move Research Centers to China
- Obama “trying to head off critics in Congress who think the administration is lying down in front of the Chinese”
- Ralph Gomory: Does America Need Manufacturing?
- "Playing Chicken with China" - we're published in today's American Thinker
- ABC News on Green Stimulus Jobs Going to China
- Restore American Jobs and Do It Quickly
- Bernanke starting to raise interest rates
- No growth in US goods exports to China in 2009
- Obama's Failing China Strategy
- Summers says everything is fine in our China relationship
- Richard Duncan, The Corruption of Capitalism: A strategy to rebalance the global economy and restore sustainable growth (Hong Kong: CLSA Books, 2009)
- Chinese Government and Obama are Playing Chicken
- Is the U.S. Economy Growing?
- Judith Stein: US government research funds should require that the developed products be produced here
- Kenneth R. Davis: Buffett Plan is "long overdue"
- Peter Morici's Currency Conversion Tax to End Mercantilism
- Emmanuel Goldstein makes the case for our Scaled Tariff in his blog
- Growing trade deficit quashing recovery -- again!
- Romney ad hits Obama for letting China counterfeit US intellectual property
- Jack Davis commentary may have given Romney the win in Iowa
- Santorum emphasizes bringing back U.S. manufacturing in his Iowa victory speech
- China raises their 25% tariff on American-made cars
- Republican presidential candidate Gov. Buddy Roemer would require balanced trade
- Newt Gingrich on Trade
- China to devote $1700 billion to new import-competition
- New Scaled Tariff Article Published
- Wishful thinking expanding, but the trade data are flat
- Germany, the Euro and the Gold Standard
- Romney's position against China's intellectual property theft resonates at Microsoft
- Romney Won! He would tackle trade, repeal Obamacare, stop throwing money away on green jobs, reduce bank regulation, and continue strong defense spending.
- Senator Webb Introduces Bill to Combat Chinese Intellectual Property Grabs
- American Production of the iPod? Setting the Record Straight
- "What Would Keynes Do?" The Diagnosis is Right. The Solution?
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- Clyde Prestowitz: "We live in a world that is ... half free trade and half mercantilist"
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- Pat Buchanan's history lesson about the trade deficits
- Why Obama's job speech failed
- Romney on Trade
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- Gordon Chang: "The Chinese have a right to maintain mercantilist practices. Yet we have every right to counter them."
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- Candidate Positions on Trade in the Fox News Debate 8/11/2011
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- American Economic Leaders keep giving Advice to China
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- D.J. McGuire: Obama may be "best-equipped American leader to take the CCP on"
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- Krugman: "We're in a world in which mercantilism works"
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- Dan Drezner gives Obama an "F" for his trade agenda
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- Seven Options for Tackling Trade with China
- China riggles off the hook
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- Yves Smith: "the US example show how a naive posture towards trade may not help its citizens"
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- NPR explains Chinese currency manipulation
- Obama punts on Chinese currency manipulation
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- Lies, Damn Lies, and Chinese Statistics
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- Peter Morici: Our current China policy is "appeasement"
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- Obama's Trade Policy Agenda -- we're published in American Thinker this morning
- Krugman on China currency
- 130 Congressman sign letter to Treasury and Commerce Deptartments asking them to address Chinse currency manipulations
- Paul Krugman calls for 25% cross-the-board tariff on Chinese goods
- What is the real reason why the Obama administration won't do anything about China?
- Washington Post: There's nothing that we can do about Chinese mercantilism
- U.S. exports down in January
- GreenJobsGate
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- Heritage Foundation's Terry Miller claims Obama is a mercantilist
- Trading Away Productivity - Tonelson and Kearns in March 5 NY Times
- Unemployment report shows stagnant economy in February
- Commerce Dept. sets miniscule tariff on Chinese glossy paper
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- Bipartisan group of fifteen senators call upon Commerce Department to investigate China's currency manipulations
- Pfizer moving R&D from Connecticut to China
- Obama giving US R&D to China - we're published in today's American Thinker
- A Review of W. Raymond Mills "Toward Managed Trade"
- IMF Reconsiders Capital Controls Opposition
- Chin'a not selling. China's Buying
- US Companies Required to move Research Centers to China
- Nicholas Lardy: Obama "trying “trying to head off critics in Congress who think the administration is lying down in front of the Chinese"
- Peter Morici: Open Trade is Failing America
- "Playing Chicken with China" - we're published in today's American Thinker
- ABC News on Green Stimulus Jobs Going to China
- Restore American Jobs and Do It Quickly
- No growth in US goods exports to China in 2009
- Obama's China strategy
- Summers says everything is fine in our China relationship
- China is Playing Chicken with Obama
- Judith Stein: US reliving the 70s when we gave away our steel industry
- Kenneth R. Davis: Buffett Plan would make the WTO irrelevant
- Peter Morici's Currency Conversion Tax to End Mercantilism
- Ha-Joon Chang takes on Free Trade in his book The Bad Samaritans
- Ralph Gomory: The time has come to take Warren Buffett's Import Certificates plan seriously
- Google Has Its Rosa Parks Moment -- I'm published by Seeking Alpha today
- Larry Ringler: Google's courage may turn the tide in our dealings with China
- Peter Navarro writes commentary on China's industrial espionage
- Doha Round stalls over US demand that India and China open their markets
- Peter Morici: Free Trade is Failing America
- Calla Wiemer misunderstands Chinese mercantilism in Wall Street Journal
- Levy Economics Institute's analysis of Import Certificates to balance trade
- US wins WTO appeal on China's non-tariff barriers against US movies, music, and games
- Prof. Krugman and Chinese Mercantilism
- China agrees to modify export subsidies
- American Economic Alert
- American Jobs Alliance
- Angry Bear Blog
- Economy in Crisis
- Econbrowser
- Levy Economics Institute
- McKeever Institute
- Michael Pettis Blog
- Naked Capitalism
- Natural Born Conservative
- Science & Public Policy Inst.
- TradeReform.org
- What's Up With That
Wikipedia:
- [An] extensive argument for balanced trade, and a program to achieve balanced trade is presented in Trading Away Our Future, by Raymond Richman, Howard Richman and Jesse Richman. “A minimum standard for ensuring that trade does benefit all is that trade should be relatively in balance.” [Balanced Trade entry]
Journal of Economic Literature:
- [Trading Away Our Future] Examines the costs and benefits of U.S. trade and tax policies. Discusses why trade deficits matter; root of the trade deficit; the “ostrich” and “eagles” attitudes; how to balance trade; taxation of capital gains; the real estate tax; the corporate income tax; solving the low savings problem; how to protect one’s assets; and a program for a strong America....
Atlantic Economic Journal:
- In Trading Away Our Future Richman ... advocates the immediate adoption of a set of public policy proposal designed to reduce the trade deficit and increase domestic savings.... the set of public policy proposals is a wake-up call... [February 17, 2009 review by T.H. Cate]
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