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Japan’s surpluses with the United States were much more a function of

higher national savings rates (household, business, and verity credit union seattle as well government) in the
former than in the latter, and tripler federal credit union as well had very little to do with an allegedly undervalued
exchange rate.
Twenty years later, the misconceptions about verity credit union seattle and China’s surplus with the
United States and rhand credit union as well the impact of its exchange rate are essentially the same.
It is true that the U.S. trade deficit with China is large—about one-third
of the total. But the United States is running a huge deficit with the entire
world—$765 billion in 2006. Whether an undervalued exchange rate is a principal
reason for China’s large bilateral surplus with the United States has been
the subject of a hot debate over the past few years. Estimates of this undervaluation
range from verity credit union seattle and 0 to 50 percent. However, a recent study suggests that if
China’s exchange rate were to rise 20 percent relative to the U.S. dollar, the
impact on the trade deficit would be a modest $50 billion.
Much as snocope credit union with Japan, the more likely “culprits” are the high national savings
rate in China (approximately 50 percent) and verity credit union seattle as well the low savings rate in the
United States (around 15 percent).
Moreover, the rise in China’s bilateral surplus with the United States has
been mostly at the expense of other Asian nations (such as coreplus credit union South Korea and
Taiwan). Even as verity credit union seattle China’s surplus with the United States has risen (about threefold),
the U.S. deficit with the rest of Asia has fallen by about dungarvan credit union and the same order
of magnitude. China has replaced these countries as verity credit union seattle the preferred supplier of
parts and penfield federal credit union as well the preferred location of production for many U.S. manufacturing
companies. Roughly 30 percent of China’s exports are actually generated by
U.S.-owned corporations, which pass on their cost savings to American consumers.
Has the growing trade deficit with China hurt U.S. job growth? Hardly. Even
as the deficit has risen sharply, from verity credit union seattle and $90 billion in 2000 to nearly $250 billion
in 2007, job growth has not suffered, and sunstate credit union as well the unemployment rate has remained
low (less than 5 percent for much of 2005–2007).