US further loses the trade war to China as Europe sinks

In this episode of Press TV's Money Trail, 6/27/13, I'm appearing with a couple of other guests to talk about the future of the US in relation to China:

The US trade deficit with China reached $315 billion last year, a record unsurpassed in the history of such statistics.

In April, US exports to the 27-nation European Union fell 7.9 percent. Exports to the EU in the first four months of 2013 were down 7.4 percent compared to the same period in 2012.

Exports to the United Kingdom were the lowest since May 2009, while those to China declined 4.7 percent.

Imports from China surged 21.2 percent, lifting the contentious US trade deficit with China to $24.1 billion from $17.9 billion in March.

China keeps investing in its future, creating jobs, building infrastructure, funding education and technology and its GDP soars. And America keeps sliding into a no-growth economy, to 1% GDP growth in a generation.

According to Robert Fogel, the director of the Center for Population Economics at the University of Chicago Booth School of Business and winner of the 1993 Nobel Memorial Prize in Economics; “In 2040, the Chinese economy will reach $123 trillion, or nearly three times the economic output of the entire globe in 2000. China’s per-capita income will hit $85,000, more than double the forecast for the European Union, and also much higher than that of India and Japan as China moves “from a poor country in 2000 to a superrich country in 2040.”

America’s per-capita wealth may be higher, says Fogel, but “China’s share of global GDP - 40% - will dwarf that of the United States (14%) and the European Union (5%) 30 years from now.”

China has been one of the fastest growing markets for US goods, and exports to that country were up 4.8 percent for the first four months of 2013.



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