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US Trade Relations with China and Japan Post World War II Seminar on US and Asia Pacific The United States trades with countries all over the world creating deficits or surpluses with these countries The highest deficit that the US has currently is that with Japan followed by China With China and Japans economies among the worlds largest the United States trade relations with the two are important The path to determine these relations was not easy to establish even today it is still being worked on Since WWII Japan and the US have had trade interactions which mutually benefited their economies but took many steps and hardships to get to the dominating level where they are now With the ending of economic isolationism after the Cultural Revolution China and the US have taken careful steps to open their markets to each other and normalize trade relations During the past decades while developing trade relations the US has formed large deficits leaving some with much cause for concern and discussion But what is a deficit and is it even a bad thing for the US to have A bilateral deficit is when a country buys more dollars in products than it sells Politicians often label the US deficit as detrimental to the US economy because it takes jobs away from the American worker Bob Dole and Ross Perot has sought to make Americas increasing deficit a campaign issue saying that ballooning deficits mean the loss of millions of American jobs Contrary to the common spin trade deficits are not necessarily bad news A trade deficit can even be good news for an economy reflecting flush consumers and an attractive climate for investment according to Daniel Griswold associate director of the Center for Trade Policy Studies at the Cato Institute Regardless of whether
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