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 Sep 2010
- 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
- Summers heads to China to rescue U.S. recovery
- Commerce Department refuses to investigate Chinese currency manipulations
- Unions Divided on China Policy
- Unions Divided on China Policy
- Scott Paul: The Onshoring Trend is Phony
- Greg Richards: "We must be much more aggressive with mercantilist countries in enforcing the rules of the road so that we protect out production and technology."
- Barr McClellan: "Malaise has returned"
- Krugman: "We're in a world in which mercantilism works"
- Obama Fiddles while Economy Falters - We're published in the American Thinker this morning
- Dan Drezner gives Obama an "F" for his trade agenda
- We are in the persistent depression predicted by Keynes
- Economists still failing to understand the effects of mercantilism
- Trade Deficit Saps 2nd Quarter Growth
- Geithner's job is to finance federal government expansion
- Some criticisms of our Scaled Tariff proposal
- Congress busts the budget to create 90,000 manufacturing jobs
- The Scaled Tariff would Resuscitate the U.S. Economy
- Fed: Possibly 5 or 6 years before sustainable growth
- Michael Pettis: U.S. is "likely to be swamped by a tsunami of foreign capital"
- Trade deficit rises again in May
- Geithner's Three Currency Manipulation Reports
- Obama Touts his Failing Trade Policy
- The Currency Reform Bill Won't Work: What Should Replace It and Why
- Steven Pearlstein calls for direct action against mercantilism
- Obama's G-20 Summit Setback -- we're published in American Thinker this morning
- Seven Options for Tackling Trade with China
- China riggles off the hook
- Why is Washington's China rhetoric growing harsher?
- Congress plans ineffective action against Chinese mercantilism
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- Yves Smith: "the US example show how a naive posture towards trade may not help its citizens"
- Bruce Bartlett: We should raise taxes to lower our trade deficits
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- Pretend Free Trade vs. Balanced Trade -- The national debate kicked off on FoxNews yesterday
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- U.S. Trade Deficit up in February
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- Charleston Post Courier editorial advocates Buffett's Import Certificates to balance trade
- NPR explains Chinese currency manipulation
- Obama punts on Chinese currency manipulation
- USTR lists China's many barriers to American products
- Lies, Damn Lies, and Chinese Statistics
- U.S. Corporations not helping China avoid Krugman's tariff
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- Volcker is realistic about China
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- Peter Morici: Our current China policy is "appeasement"
- China activates its Fifth Column
- Needed, a Cross-the-Board Tariff on Imports From China
- NY Times ignores China's R&D Rules
- Why Krugman's China Argument Matters
- Relative currency values are not static
- 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
- British exports see biggest fall in three years
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- Trading Away Productivity - Tonelson and Kearns in March 5 NY Times
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- Commerce Dept. sets miniscule tariff on Chinese glossy paper
- Obama: 'It's very hard to ship windows from China'
- 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
- 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]
Feb 2010
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