Report: Trade deficit cost ME jobs
A report from the Economic Policy Institute in Washington, D.C., has concluded that Maine lost nearly 10,000 jobs over the last decade due to the U.S. trade deficit with China.
U.S. Rep. Mike Michaud in a recent press release highlighted the report, which found that the United States has lost a total of 2.8 million jobs, many in manufacturing, since China entered the World Trade Organization 10 years ago, with Maine losing 9,545. The report also found that China's practice of manipulating its currency also contributed to the trade deficit by allowing the country to export its goods to the U.S. for artificially low prices. Michaud used the report to speak out against future free trade agreements and pitch a bill he introduced last year that would help the country crack down on currency manipulation.
The US-China Business Council, however, criticized the report, which it said "is still based on the faulty assumption that every product imported from China would have otherwise been made in the U.S."
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