Hey there, future economists! 📈
Have you ever heard people say that one country is taking jobs from another? Well, some folks in the United States think that China’s rise in manufacturing is the reason many Americans lost their jobs.
Recently, the U.S. Treasury Secretary, Scott Bessent, said that after China joined the World Trade Organization (WTO), millions of Americans lost their jobs. He even suggested that China’s share of making things in the world shouldn’t be more than 30%. But is that really fair?
Let’s dive into this and find out what’s really going on! 🕵️♂️
Is China Really to Blame?
First, it’s important to know that the decrease in manufacturing jobs in the U.S. started long before China joined the WTO in 2001. For over 50 years, many developed countries have seen fewer people working in factories. Why? Because of automation! Robots and machines can now do the work that people used to do. This means factories can make more products with fewer workers.
But guess what? Even though there were fewer factory jobs, the U.S. was actually producing more! Between 2001 and 2024, the value of things made in the U.S. went up by $800 billion. That’s a lot! Plus, many workers found new jobs in areas like technology, management, and other professional fields.
China’s Growth in Manufacturing
China didn’t set a goal to make a certain percentage of the world’s products. It just happened because China is really good at making things efficiently. China has all kinds of factories, from making toys to building high-tech gadgets. This success comes from technology, skilled workers, and a big market of people who want to buy things.
Most of what China makes is used by its own people. In fact, five out of six products made in China are sold in China! And a lot of the stuff China exports are parts that other countries, including the U.S., use to make their own products.
Working Together for a Better Future
Instead of blaming China, it’s important for countries to work together. Both China and the U.S. can benefit from trade and by sharing ideas. Countries can help their workers learn new skills and find new opportunities in the changing world.
Remember, the world is connected, and we can achieve more by cooperating! 🌍💫
Reference(s):
U.S.-imposed economic targets on China not rational or professional
cgtn.com
