China Passes Canada, Becomes Top U.S. Import Source (Update1)

Is it a happy feeling, or more complicated, for the U.S. upon hearing that China has become its top import supplier and the trade deficit with China has fallen for the first time in 6 years? From Bloomberg:

China passed Canada to become the largest source of products shipped into the U.S. last year, capping a six-year period when its exports to the U.S. more than tripled.

Led by items such as flat-panel televisions and computers, household appliances, toys and clothing, imports from China surged to $321.5 billion in 2007, according to a Commerce Department statement today. Chinese trade is accelerating faster than imports from Mexico after the North American Free Trade Agreement took effect in 1994.

Related FT report: China eyes free trade and fair play

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