A study released today by the Economic Policy Institute (EPI) finds that unfair trade with China cost the United States 2.4 million jobs between 2001 and 2008. This figure does not include the thousands of jobs that were lost in 2009 and the first few months of 2010.
The report also finds that the growing trade deficit has cost jobs in every Congressional district. IAM President R. Thomas Buffenbarger blamed China’s currency manipulation, illegal subsidies, failure to honor international human rights and trade barriers for these staggering job losses. Buffenbarger also criticized U.S.-based corporations that are “only too willing to outsource jobs to China to take advantage of low labor costs.”
“We once again call upon the administration and Congress to get serious about China’s unfair trade policies,” said Buffenbarger. “We need a comprehensive response to the jobs crisis—one that starts with leveling the playing field with China.”