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U.S.-China Trade Imbalance
This is not to say that there is nothing that can be can be done to improve the U.S.-China trade imbalance. Globalization is not a natural force: It was made by humans and can be undone by humans. And other actions – such as the U.S.’s bargaining with China to reset its fixed exchange rate (which many economists argue keeps the value of the Chinese currency artificially low) would certainly help. But this trade imbalance is a symptom of the structural shifts brought about through globalization, and until a more localized system of production and consumption is instituted, that imbalance is here to stay.
