James Flanigan: Trade Deficit With China Is Misleading

From The LA Times:

“The world is not the way they tell you it is,” was a line used once to describe rambunctious financial markets in the 1960s. That thought is even more applicable today to almost anything you hear about China’s economy.

A crisis is brewing in U.S.-China relations, owing to an apparently yawning deficit with China. Last year, the U.S. imported $162 billion more from its trading partner than China imported from the U.S. And this year, as Chinese apparel and textile exports flood world markets, the imbalance is on track to top $200 billion.

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