It is true: Americans are no longer making snow globes or t-shirts. Instead, the United States is relying on China to manufacture those goods and ship it to the U.S. at a fraction of the cost. Meanwhile, American workers are helping export civilian aircraft, medical equipment, semiconductors, soybeans, agricultural products and so much more to China. This is what international trade looks like.
Using data from the U.S. Census Bureau, the American Enterprise Institute (AEI) developed a chart that takes a look at the top 20 U.S. imports from China and the top 20 U.S. exports to China. Here it is:
Low- and middle-income households can purchase toys for their children, scan the world at their fingerprints and have multiple pairs of shoes in their closets at far cheaper prices because of the imports from China.
If China is a currency manipulator then so be it…