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Buck Up, America: China Is Getting Too Expensive
Keywords:
Inflation in China and rising wages are pushing up costs for American manufacturers. The pressure on China, most recently in Congress, is helping to push up the value of the yuan. This combined trend is making it attractive for some manufacturers to bring factories home to the U.S. A trend in the U.S. towards non-unionized labor and the new trend to a two-tier wage level- with lower wages for entry level workers- and the shedding of legacy health care costs, is creating a more cost competitive labor force in the U.S. This extends from older industries such as furniture and auto components to newer industries and technology. The new factories setup in the U.S. use technologies that require a smaller number of workers, in most cases less than half the number of workers that were employed earlier. This adds another element in cost efficiency, though it means fewer jobs are created with new plants.
Export of manufacturing jobs from the U.S.
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Mexico, China Seek to Jump-Start Trade
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Strains Show in China's Job Market
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Robots May Revolutionize China's Electronics Manufacturing
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Manufacturing and Innovation
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How a decline in manufacturing, which the U.S. has experienced, depresses innovation capabilities. Germany and Japan have tried to maintain manufacturing strengths.
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Apple iPhone manufacturing in China, and the U.S. trade deficit
07/01/2010
How much of the iPhone is manufactured in China? 3.6% by China's Hon Hai, but this does not account for South Korean and Japanese suppliers using manufacturing bases in China. German suppliers also have Chinese factories. Production costs at Hon Hai itself are rock bottom, as a result the other parts would be too expensive if not manufactured in China. Reliable statistics would include the value of all suppliers who build i-phone parts in China and take into account the impact on the US of manufacturing jobs that would otherwise be available in the US.
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Andy Grove: How America Can Create Jobs
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Apple Says App Store Sales Rose 50% in 2014
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Apple Services Shut Down in China in Startling About-Face
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Bayer: Pressure on Prices Has Bad Side Effects
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China wage increases and government policy to promote domestic consumption.
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Wage increases of 20% at Hon Hai and upto 100% at Honda factories in China from wages that were kept low for the export market, are now the trend in China. The government policy is shifting to encourage such wage increases to promote domestic consumption and reduce an overreliance on export markets for growth. This is happening just as trade tensions are increasing with the USA.
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Beijing Signals a Shift on Economic Policy
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Yuan's Rise Hurts China's Exporters
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American public opinion on China, jobs and U.S.-China trade.
09/25/2010
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After Michigan Loss, Hillary Clinton Sharpens Message on Jobs and Trade
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02/11/2011
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The Oct. 2010 G-20 meeting in S. Korea and the trade and currency compromise.
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U.S. public sentiment towards outsourcing manufacturing and trade issues.
10/02/2010
Big changes in public opinion as the U.S. economy struggles in 2010 to create enough jobs. Compared to ten years ago in 1999, highly educated Americans now have unfavorable opinions on how free trade is impacting the U.S. in the jobs area.
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A realization that the idea of America transitioning to a services based economy without impairing jobs was fundamentally wrong
04/17/2006
The need for a strong and growing manufacturing base in the U.S. is one key realization for business leaders from the heads of Boeing, Intel and GE, and other business leaders to leaders in government. Failure to do this simply breeds a sense of pessimism about the future and creates an economy that leaves many productive people jobless, creates unsustainable trade deficits and foreign borrowing. Jeffrey Immelt says this in an op-ed piece in the Washington Post on the day he is appointed to head the President's Council on Jobs.
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Growth isn’t enough to help the middle class - The Washington Post
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Wall Street Journal 01/14/2015
Changes in China's factories in 2010-2013. Changing manufacturing.
01/05/2008
Conditions at Hon Hai and a strike at Honda are part of a changing picture of worker dissatisfaction with wages and discipline at Chinese factories. The period of low prices and worker discipline of the kind that prevailed for several decades of industrialization appears to be closing. The Chinese government is also having second thoughts as America and Europe are no longer the growing markets they used to be, and as it weighs a policy shift to domestic consumption.
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Unrest May Signal New Phase in China Economy
New York Times 05/29/2010
Currency and Exchange rate swings and German, Japanese, Korean automakers factory expansion in the U.S.
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Stronger euro and won, what it does to German automakers manufacturing in the USA. Weaker yen and what this does to Japanese manufacturing expansion in the USA.
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Toyota's New U.S. Plan: Stop Building Factories
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German Auto Makers Rev Up U.S. Output
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In Automotive Trade Deficit, a Silver Lining for U.S.
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Manufacturing in Mexico: 2010-2014
05/22/2006
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Hopes Rise That More Natural Gas Will Stoke Manufacturing Sector
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To Churn Out Engineers for Learjet, Mexico Opened Aeronautics University
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Mexico’s economy: Making the desert bloom
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Japanese companies moving manufacturing overseas in 2010-2011 as yen strengthens
05/27/2010
The 2011 earthquake further accelerates this trend.
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Weaker Yen Puts Japanese Profits on a New Track
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The falling yen: Low-calibre munitions
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Japan Turns Tables on Korea Inc.
Wall Street Journal 12/12/2014
Japanese manufacturers: Leaving home
Economist 11/20/2010
Currency issues and U.S.-China trade.
01/23/2009
Trade between the USA and China and currency issues. Obama administration's efforts to address currency issues and fair trade issues with other countries.
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Wall Street Journal 10/04/2011
Europeâs Debt Crisis Is Casting a Shadow Over China
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Wall Street Journal 09/21/2010
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Obama Promotes Benefits of Trade Deals to Workers and Smaller Businesses
New York Times 02/26/2015
China's Trade Balance
03/10/2011
Every $1 increase in oil prices reduces China's trade deficit by $1.9 billion, according to one estimate. China had a trade deficit in February 2011. This reduces the pressures on the yuan. See the IMF forecast on China's shrinking trade surplus in 2011-2014.
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Wall Street Journal 10/04/2011
China Logs Surprise Trade Deficit
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China’s $3 trillion dilemma: What to do with all that cash? - The Washington Post
Washington Post 04/19/2011
No Appreciation for the Rising Yuan
Wall Street Journal 06/21/2011
Pressure Grows on China to Spur Domestic Consumption
Wall Street Journal 08/07/2011
Tallying the Toll of U.S.-China Trade
Wall Street Journal 09/27/2011
The U.S., China, and 'Rebalancing' the World Economy
01/07/2010
'Rebalancing' is the idea that China will consumer more US goods and export less to the US, reducing the lopsided trade imbalance between the two countries. China's government continues its focus on exports and infrastructure in 2009-2011. China's banking system focusses on lending to state-owned companies and the system does not have the attitude, incentives or the mechanisms and experience to increase lending to consumers or small business. Experts say rebalancing is doubtful without serious changes in the banking system and government policy which are not likely.
Grouped Articles
Wall Street Journal 07/15/2013
New York Times 12/18/2011
Economist 03/31/2010
Fixing a Perception Gap for the Underappreciated G-20
Wall Street Journal 08/27/2013
US-China trade relations: Speak less softly, carry a stick
Economist 09/25/2010
Adidos and Hotwind? In China, Brands Evoke Foreign Names, Even if They’re Gibberish
New York Times 12/26/2014
U.S. and China- Trade Wars.
12/30/2009
American action against products from China that are dumped on the U.S. market. The unervalued Chinese currency and subsidized exports.
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Wall Street Journal 10/04/2011
Economist 03/31/2010
Europeâs Debt Crisis Is Casting a Shadow Over China
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How China Lost Its Mojo: One Town's Story
Wall Street Journal 09/16/2013
An Accord (and Lessons) to Remember
Wall Street Journal 09/21/2010
US-China trade relations: Speak less softly, carry a stick
Economist 09/25/2010
Frankly Speaking on the great recession, the dollar and trade deficits 2009-2012
10/14/2009
Peter Morici of the University of Maryland and others express their view in 2009 on what needs to happen. The dollar Morici says needs to be devalued 40-50% against the yuan. He says that while China talks about an alternative reserve currency, it is part of the problem. And the crisis was caused by the U.S. demand that was inflated by the cheap yuan and then collapsed, says Morici.
Grouped Articles
Wall Street Journal 10/04/2011
Europeâs Debt Crisis Is Casting a Shadow Over China
New York Times 05/17/2010
An Accord (and Lessons) to Remember
Wall Street Journal 09/21/2010
Cheaper Chinese Currency Has Global Impact
Wall Street Journal 08/12/2015
China Takes a Smoother Path to Currency Devaluation
Wall Street Journal 11/25/2015
Peter Morici: Behind the Dollar's Dog Days
BusinessWeek 10/15/2009
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