~LT~TABLE style="WIDTH: 100%; HEIGHT: 10px" cellSpacing=2 cellPadding=5 rules=all bgColor=#ffffff border=0~GT~ ~LT~TBODY~GT~ ~LT~TR~GT~ ~LT~TD~GT~ ~LT~P align=center~GT~~LT~FONT class=header~GT~Press Statement and Backgrounder~LT~/FONT~GT~~LT~BR~GT~~LT~BR~GT~~LT~FONT class=subheader~GT~Quick Facts and Figures Analyzing America's Imbalanced Trading Relationship with China~LT~/FONT~GT~~LT~BR~GT~~LT~BR~GT~~LT~BR~GT~May 21, 2007~LT~/P~GT~ ~LT~P~GT~WASHINGTON, DC -- High-level government officials from the People's Republic of China and the United States are scheduled to hold a high-level "Strategic Economic Dialogue" on Tuesday and Wednesday of this week in Washington, D.C. to discuss matters of economic concern between both countries.~LT~BR~GT~~LT~BR~GT~United States has run trade deficits with China totaling nearly $1.2 trillion during the past decade, including a deficit of $232 billion in 2006 alone. In fact, trade losses with China accounted for 47.4% of the $528 billion U.S. trade deficit in Manufactured Goods in 2006. The lost production reflected in these massive deficits has contributed significantly to the loss of 3.2 million U.S. manufacturing jobs since 2000. ~LT~BR~GT~~LT~BR~GT~Noting these facts, the American Manufacturing Trade Action Coalition (AMTAC) has compiled a snapshot analysis of America's foreign trade relationship with China contained in a series of 5 small PDF files that are attached to this e-mail.~LT~BR~GT~~LT~BR~GT~Said AMTAC Executive Director Auggie Tantillo, "America's foreign trade relationship with China is mostly a one-way street. China gains the lion's share of the benefits and U.S. manufacturing and its workers pay the price in lost jobs and market share."~LT~BR~GT~~LT~BR~GT~Continued Tantillo, "China's multitude of predatory trade practices -- the rebating value-added taxes on exports, currency manipulation, handing out loans at below-market-value rates, and rampant theft of intellectual property -- cannot be solved by dialogue alone. The U.S. Congress also must combat these practices with legislation that will limit China's access to the U.S. market unless China starts playing by the rules. Only then will China come to the negotiating table ready to address the problems plaguing the U.S.-China trading relationship."~LT~BR~GT~~LT~BR~GT~Highlights from the 5 files include:~LT~/P~GT~ ~LT~P~GT~* Files include information compiled by Dr. Charles McMillion of MBG Information Services~LT~BR~GT~~LT~BR~GT~~LT~BR~GT~~LT~BR~GT~~LT~A href="http://rmcspcs1:2001/SiteCollectionDocuments/Amtac/Press Room/05 21 07 File 1 China Economic Growth and Impact of Deficit.pdf" target=_blank~GT~File 1 -- China Economic Growth and Impact of U.S. Trade Deficits~LT~/A~GT~ ~LT~BR~GT~• China's economic growth has been approximately 3 times greater than U.S. economic growth over the past decade.~LT~BR~GT~• China's global current account balance totaled nearly 10% of its GDP in 2006.~LT~BR~GT~• An estimated 1.8 million U.S. jobs and job opportunities were lost as a result of the $232 billion U.S. trade deficit with China in 2006. Those estimates then are broken down on a state-by-state basis. ~LT~/P~GT~ ~LT~P~GT~~LT~BR~GT~~LT~A href="http://rmcspcs1:2001/SiteCollectionDocuments/Amtac/Press Room/05 21 07 File 2 -- US Import Payments to China Grew 5 Times Faster Than Export Earnings.pdf" target=_blank~GT~File 2 -- U.S. Import Payments to China Grew 5 Times Faster than U.S. Export Receipts from China~LT~BR~GT~~LT~/A~GT~• Product category analysis of U.S. import payments to China compared to U.S. export receipts from China. You can look up everything from motor vehicles to steel to electronics to textiles. ~LT~P~GT~~LT~BR~GT~~LT~A href="http://rmcspcs1:2001/SiteCollectionDocuments/Amtac/Press Room/05 21 07 File 3 -- China Overtakes US in Manufacturing.pdf" target=_blank~GT~File 3 -- China Overtakes United States in Manufacturing Trade~LT~/A~GT~~LT~BR~GT~• In 2006, for the first time in modern history, the value of Chinese exports of manufactured goods exceeded the value of U.S. exports of manufactured goods.~LT~BR~GT~• Trade with China was responsible for nearly 50% of the U.S. trade deficit in Manufactured Goods.~LT~BR~GT~• The United States makes $6.16 in import payments to China for each $1 it earns on exports to China.~LT~BR~GT~• U.S. trade deficits with China are worsening sharply in Textiles and Apparel, Motor Vehicles, and Furniture and Bedding ~LT~P~GT~~LT~BR~GT~~LT~A href="http://rmcspcs1:2001/SiteCollectionDocuments/Amtac/Press Room/05 21 07 File 4 -- US Runs Massive Deficit in Advanced Technology Products with China.pdf" target=_blank~GT~File 4 -- United States Runs Massive Trade Deficit with China in Advanced Technology Products (ATP)~LT~/A~GT~~LT~BR~GT~• The U.S. trade deficit with China in Advanced Technology Products (ATP) is growing rapidly and exceeded $50 billion in 2006.~LT~BR~GT~• The U.S. government's ATP list is not static, but dynamic. It changes on a regular basis to reflect growth in technological innovation.~LT~BR~GT~• The U.S. ATP trade deficit with China dwarfed that with Japan, Taiwan, and Korea. ~LT~P~GT~~LT~BR~GT~~LT~A href="http://rmcspcs1:2001/SiteCollectionDocuments/Amtac/Press Room/05 21 07 File 5 -- US Trade Deficit with China Exceeds One Trillion Dollars Over Past Decade.pdf" target=_blank~GT~File 5 -- The Cumulative U.S. Trade Deficit with China Exceeds $1 Trillion Over Past Decade~LT~/A~GT~~LT~BR~GT~• The U.S. trade deficit/surplus with China is broken down on both a cumulative and category-by-category annual basis for every year since 1993.~LT~BR~GT~• The cumulative U.S. trade deficit with China between 1997 and 2006 totaled $1,165,406,000,000. ~LT~BR~GT~~LT~BR~GT~~LT~BR~GT~CONTACT: ~LT~BR~GT~~LT~BR~GT~Lloyd Wood, AMTAC Director of Membership and Media Outreach~LT~BR~GT~(202) 452-0866 or ~LT~A href="mailto:lwood@amtacdc.org"~GT~lwood@amtacdc.org~LT~/A~GT~~LT~BR~GT~~LT~/P~GT~~LT~/TD~GT~~LT~/TR~GT~~LT~/TBODY~GT~~LT~/TABLE~GT~