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Our major import is nearly $50 billion of computer equipment while our major export is about $8 billion of waste paper and scrap metal. Yes, that's right. We're swapping garbage for computers with China -- and lots of other countries as well.The Huffington Post is doing a fresh take on a three-year old article (must be a new book coming out by Prestowitz).
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U.S. exports and imports last year totaled $3.82 trillion, the U.S. Commerce Department said last week. China’s customs administration reported last month that the country’s total trade in 2012 amounted to $3.87 trillion. China had a $231.1 billion annual trade surplus while the U.S. had a trade deficit of $727.9 billion.Read the entire article: China Passes U.S. to Become World's Biggest Trading Nation
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Those who are dazzled by China often forget that much of the rapid growth before 2008 was caused by the shift of global manufacturing from Europe and the U.S., not by domestic-oriented activity. China’s economy remains export-driven, with consumers accounting for only 38 percent of gross domestic product, far below the levels of many developing and developed countries.See if your guess matches up to this article.
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The ban shows that companies that espouse the free flow of information aren’t always welcome around the world, and they have to plan for the possibility that they might be shut down at any given moment. Google’s own stats showed a sharp decline in traffic from China, affecting everything from search to Gmail, Google’s email service. The Google Play mobile app store was also inaccessible from within China. Services returned in some parts of the country on Saturday, according to the Wall Street Journal.
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“The United States is expected to cede its place as the world's largest economy to China, as early as 2016. India’s GDP is also expected to pass that of the United States over the long term."Learn more here.
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The origins of the dispute date back centuries but came to a head last month after Japan nationalized the tiny islands, called Senkaku in Japan, the world's No. 3 economy, and Diaoyu in China, the world's No. 2 economy. The move set off violent protests in at least two dozen Chinese cities. Angry mobs torched a Panasonic factory, looted several Japanese retail outlets and burned Toyota and Honda car dealerships.Learn what the long term effect is here.
