March 25, 2010
DENVER • The U.S. trade deficit with China has cost Colorado more than 45,000 jobs since 2001, the Economic Policy Institute in Washington, D.C., estimates.
The EPI cites China’s refusal to let its currency float freely, subsidies of certain industries and the suppression of labor rights as giving the country an unfair advantage.
“Unless China raises the real value of the yuan by at least 40 percent and eliminates these other trade distortions, the U.S. trade deficit and job losses will continue to grow rapidly in the future,” study author Robert Scott warns.
The losses are calculated from 2001, when China joined the World Trade Organization, to 2008. The EPI estimates the U.S. has seen 2.4 million jobs lost or displaced during that period.
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