China trade deficit costs Florida 106,100 jobs

More than 2.7 million American jobs, including 106,100 in Florida, have vanished since 2001 because of the U.S. trade deficit with China.

More than 2.7 million American jobs, including 106,100 in Florida, have vanished since 2001 because of the U.S. trade deficit with China, according to a report this week by the Economic Policy Institute.

Florida was the 5th-most impacted state.

The nonpartisan, nonprofit think tank traced the job losses back to China joining the World Trade Organization a decade ago.

Of the 2.7 million net jobs lost or eliminated, 2.1 million were in manufacturing, the report found.

California lost the most jobs, 474,700, the report found.

?The United States is piling up foreign debt and losing export capacity, and the growing trade deficit with China has been a prime contributor to the crisis in U.S. manufacturing employment,? said the report?s author, Robert Scott, EPI director of trade and manufacturing policy research, in a written statement.

The report blames the China trade deficit for eliminating or displacing more than half of all U.S. manufacturing jobs lost between 2001 and 2011.

?The EPI report offers convincing evidence that unless China?s trade violations and currency manipulation are challenged forcefully, our growing trade deficit will continue to cripple the fledgling U.S. jobs recovery,? said Scott Paul, executive director of the Alliance for American Manufacturing, a nonprofit, nonpartisan partnership of the United Steelworkers and manufacturers.

Click here to download the full report.

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Source: http://feeds.bizjournals.com/~r/bizj_national/~3/t-GsB8PEO2g/china-trade-deficit-costs-florida.html

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