Current Events3 - China’s economy entered into the world...

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Current Events: Who Needs Whom More? Because of a weapons sale that the US was going to conduct with Taiwan, China threatened to cut trade relationships with the United States. China threatened with trade sanctions that would cripple some US corporations that produce in China. The leaders in china think that because so many US businesses produce in china, that if china threatened to cut relations then the US would be hurt more. Bowring thinks that this is not true. China relies on the United States for the jobs and Business just as much or more than the US relies on China for its cheap labor. In the article, Bowring urges Obama to take a stand against China to protect the US’s free trade ideals. He thinks that Obama is putting the few corporations, who care more about the stockholders than the American work force, above the needs of the nation. The job of the government is to look after national interest and not after corporate interest.
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Unformatted text preview: China’s economy entered into the world market because the United States tried to open it to free trade by letting China use its markets, capital, and technology. This backfired on the United States when China only took advantage of free trade when it would benefit their country. The success in the global market for china has given the Chinese government more power and increases nationalism. This has caused a huge trade imbalance between China and the US. US corporations are still investing in China because of the cheap labor and this is not changing. Because of this there might be a trade war and Bowring is urging the Obama administration to take action before this gets out of the United States’ hands.
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This note was uploaded on 07/21/2010 for the course ECO 001 taught by Professor Melkonian during the Spring '10 term at Hofstra University.

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Current Events3 - China’s economy entered into the world...

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