U.S. exports to China have supported 1 million American jobs, making trade important to not only U.S. companies and consumers, but also U.S. workers, a report released by the U.S.-China Business Council (USCBC) on Monday showed.

Exports to China support one million American jobs annually across a wide range of industries and continue to contribute to U.S. economic growth, said USCBC President John Frisbie.

Over the last decade, U.S. exports of goods to China grew by 86 percent, compared with only 21-percent growth for the country's exports to the rest of the world, said the report.

As the third largest market for U.S. goods and services exports, China saw its imports of goods from the United States rise by 14 billion U.S. dollars in 2017, twice as fast as U.S. exports to the rest of the world.

Meanwhile, U.S. services exports to China grew by 12 percent in 2016, while the country's services exports to the rest of the world decreased by 0.6 percent.

Trade with China have also benefited most U.S. states, the report showed. A total of 49 states have increased their goods exports to China in the past decade, with 17 states experiencing triple-digit growth since 2008.

China-U.S. trade relationship is under great pressure, as the White House threatened to levy massive tariffs on about 150 billion dollars of goods imported from China.

American business community and trade analysts have been urging the White House to negotiate about the trade differences with China, warning that unilateralism and trade protectionism will inevitably harm others without benefiting oneself as the global economy is deeply integrated.

On Monday, President Donald Trump announced that an official delegation from the United States will travel to China to discuss the bilateral trade relationship beginning Thursday.

Related

Go to Forum >>0 Comment(s)