China’s History With Tariffs Supports Economic Nationalism

USA Today’s Jeff Ferry reported “As President Donald Trump imposes tariffs on Chinese goods, opponents warn that trade sanctions will boomerang back and hurt the U.S. economy. But these same critics overlook several key lessons from recent global trade history. And what they ignore is that China’s own meteoric rise was driven by a staunchly nationalist trade strategy,”

“Why did Beijing subject its citizenry to such austerity? Because it worked. Economic growth in China averaged 10 percent a year from 2000 to 2007, and has recently run in the 6 to 7 percent range, while so-called advanced nations struggle to reach 3 percent.

China’s long-term growth has been stunning. In 1993, yearly exports to the US totaled $32 billion. By 2000, they had reached $100 billion. Last year, they hit $505 billion. Once a net importer of steel, China is now the world’s largest steel exporter. According to the Petersen Institute for International Economics, urban manufacturing employment in China rose from 32.4 million workers in 2000 to 52.4 million in 2014. In 2005, the U.S. Bureau of Labor Statistics (BLS) was already estimating that total manufacturing employment in China might run as high as 109 million workers.”


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