From the New York Times (link)
The United States has nothing to fear from the rise of China as a low-cost manufacturing power and should concentrate on further growth in high-value industries, Commerce Secretary Carlos Gutierrez said Friday.
At a time of mounting friction over a $202 billion trade deficit with China, Mr. Gutierrez said United States unemployment was declining and wealth increasing even as imports from China rise.
“Our economy is growing, and the average take-home pay per American is increasing,” he told a business forum in Tokyo.
On Wednesday, Mr. Gutierrez issued a blunt warning during his visit to Beijing that rising protectionism in Washington could hurt China if the country failed to open its markets further to American products.
