The essence
of free trade: Buy the products you do not have an advantage (low-wage
products for us) and sell those products that we have advantage
(Hollywood, high tech, farm products...). You do not want to grow sugar
cane in Alaska as an extreme example.
The US is one of the few
countries in the world that we can cancel trading with foreign countries
for the sake of more jobs. However, we have to enjoy a $50 toaster and
dump all the chicken feet to the ocean instead of shipping them to China
as a delicacy there.
As times go, China will move up the value
chain (today, it is far higher than 10 years ago). China depends on
trade more than us. That's why they are loaning us so much. However, at
one point they have to kill the goose that lays the golden eggs for the
remaining meat or bones for soup.
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