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"The Commerce Department said Thursday that the gap between the United States sells and what it buys from foreign countries hit $55.5 billion in October, the fifth straight increase and highest since October 2008."
Nonetheless, the Chinese tactic of undercutting US industries in order to destroy them must be challenged.
The pain felt today should have been felt years ago when the Chinese put our steel industry out of business. Every single one of us knows of some industry that has moved to China and most of us know someone directly effected. Their tactic is simple; undercut the price and put US manufacturers out of business and then raise the price of goods.
A 1 year look at the Shanghai Index shows that it is down 21% YTD. If the Dow was down that far you would be howling even more. https://www.bloomberg.com/quote/SHCOMP:IND
Nonetheless, the Chinese tactic of undercutting US industries in order to destroy them must be challenged.
The pain felt today should have been felt years ago when the Chinese put our steel industry out of business. Every single one of us knows of some industry that has moved to China and most of us know someone directly effected. Their tactic is simple; undercut the price and put US manufacturers out of business and then raise the price of goods.
A 1 year look at the Shanghai Index shows that it is down 21% YTD. If the Dow was down that far you would be howling even more. https://www.bloomberg.com/quote/SHCOMP:IND
We've forgotten how to make things so there are few US companies to step up to the plate and restart manufacturing. So if we stop importing from China, we'd have to import from somewhere else.
Nonetheless, the Chinese tactic of undercutting US industries in order to destroy them must be challenged.
The pain felt today should have been felt years ago when the Chinese put our steel industry out of business. Every single one of us knows of some industry that has moved to China and most of us know someone directly effected. Their tactic is simple; undercut the price and put US manufacturers out of business and then raise the price of goods.
A 1 year look at the Shanghai Index shows that it is down 21% YTD. If the Dow was down that far you would be howling even more. https://www.bloomberg.com/quote/SHCOMP:IND
Why do you put such value on the steel industry? I'm not sure it is warranted. Our government and businesses don't seem to care that much. The primary use for steel is infrastructure (building, bridges, etc...) and at the same time, we as a country have been letting our infrastructure slip (degrade) since it's peak back in the mid sixties.
Do we export a lot of steel? No, Not really.
Is steel a dominant us industry? No. Not really.
China wants to be the world leader in that industry but we get most of our steel from Canada (16%), Brazil (13%), South Korea(10%), Mexico(9%), Russia(9%), Turkey(7%), Japan(5%), Taiwan(4%), Germany(3%), India(2%).
China is right alongside India at about 2%.
Is the steel industry important for jobs? Apparently not since it is another highly automated industry where jobs have fled. There were only about 150,000 jobs in steel. The US Information Tech industry adds that many jobs yearly.
Seems to be that some people see this as important as coal while others see it as important as... coal. If the US wanted a dominant steel industry, I think we would have one - China or not. So that seems to be a moot point regarding what China is or is not trying to steal?
Last edited by blktoptrvl; 12-06-2018 at 11:31 AM..
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