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China Takes Heat on Trade, but Germany’s Power Continues to Grow
Even though U.S. president Trump has singled out countries such as Mexico, South Korea and China for trade practices, the U.S. today faces stronger competition in trade from Germany. The trade surplus with Germany for 2016 was $297 billion for Germany compared to $245 billion for China, according to Ifo economic institute. China's trade surplus according to the World Bank was down from 10% of gross domestic product or GDP in 2007 to 3% in 2016, while Germany's has gone up to 8.5%. The Chinese currency is seen as not being undervalued by some experts, while the euro has lost a quarter of its value in the last 3 years, giving Geman exporters an edge. The U.S. also competes with Germany in nine of the 10 export categories such as machinery and electronic equipment, according to the Peterson Institute. Then why is the focus under U.S. president Trump not including Germany? One reason is that China's products have put a downward pressure on U.S. manufacturing wages, and the the speed with the Chinese manufacturing has grown in certain industries. Germany has very few of the manufacturing subsidies that China provides to its industries. And the depreciation in the euro is not favored by the German government as it opposes the policies of the European Central Bank. Germany also has a higher propensity to save about 10% of GDP compared to about 3% for the U.S., according to OECD. As a result Germany is accumulating foreign assets at a faster rate than any other nation, while the U.S. is borrowing capital from overseas. Ways to change this are minimum wage regulations introduced by the government, but larger measures such as increasing government investment in the economy are not supported as the country prepares for the future with an aging population.
Germany's trade surplus at 8.5% of GDP looms larger than China's trade surplus of 3% of GDP in 2016, yet focus is on Mexico, South Korea and China for unfair trade practices
03/06/2017
Grouped Articles
China Takes Heat on Trade, but Germany’s Power Continues to Grow
WSJ 03/05/2017
Merkel and Trump begin key talks at White House - BBC News
BBC News 03/17/2017
Germany to take legal action if Trump taxes imports | Business | DW.COM | 17.03.2017
DW.COM 03/17/2017
U.S. Breaks With Allies Over Trade Issues Amid Trump’s ‘America First’ Vows
The New York Times 03/18/2017
Trump Says China Will Get Better Trade Deal if It Solves ‘North Korean Problem’
The New York Times 04/11/2017
Donald Trump’s Recent Policy Reversals Reflect Business Influence
WSJ 04/14/2017
Germany- China trade relations
05/28/2013
Grouped Articles
China Divides European Union in Fight Over Tariffs
New York Times 05/28/2013
Germany’s Merkel Offers Limited Support for Hong Kong Protesters
Wall Street Journal 10/11/2014
Port of Hamburg Shows Germany Is Vulnerable on China Trade
Wall Street Journal 08/27/2015
Xi Jinping signals China will champion free trade if Trump builds barriers
The Guardian 01/17/2017
China Takes Heat on Trade, but Germany’s Power Continues to Grow
WSJ 03/05/2017
U.S. Breaks With Allies Over Trade Issues Amid Trump’s ‘America First’ Vows
The New York Times 03/18/2017
Germany's exports to the U.S. 2011-2017
02/04/2013
Grouped Articles
German Stocks Shift Toward Home
Wall Street Journal 08/18/2013
German Optimism Depends On Spanish Deficits
Wall Street Journal 09/25/2013
New York Times 11/03/2013
Germanyâs Neighbors Admonish It Over Surplus
New York Times 11/13/2013
Germany's Secret Economic Weapon: a Vast Export Network
Wall Street Journal 11/19/2013
Dollar Surges to 11-Year High Against Biggest Rivals
Wall Street Journal 01/04/2015
The growing low wage sector as downside of Germany's improving unemployment rate in 2009-2013
01/04/2008
The unemployment rate dropped to 7.6% in Germany in 2009 an 6.9% by 2013. Experts says this is a result of the rapid growth in the sector paying low wages.
Grouped Articles
'Minijobs' Lift Employment But Mask German Weakness
Wall Street Journal 05/29/2013
German elections pit Merkel, challenger over poverty problems - The Washington Post
Washington Post 09/17/2013
Europe's Easy-Money Policy Snubs German Savers
Wall Street Journal 11/25/2013
Americanized Labor Policy Is Spreading in Europe
New York Times 12/03/2013
German Recovery Spurs Push for Higher Pay
Wall Street Journal 09/09/2010
Europe Moving Toward Small Steps to Promote Growth
New York Times 05/10/2012
Martin Feldstein on how a decline in the value of the euro would help reduce the current account and trade deficits of troubled eurozone countries
06/28/2012
Feldstein says a decline in the value of the euro would reduce imports and increase exports of troubled eurozone countries in relation to non-euro countries. This would help the economic recovery in these countries. A slower rate of wage growth in these countries and higher wage growth in Germany would help improve their competitiveness with Germany over time. These actions in addition to reforms and restructuring to improve labor competitiveness would help these countries return to growth.
Grouped Articles
New York Times 11/03/2013
Euro Displays Uncommon Strength
Wall Street Journal 12/06/2013
Dollar Surges to 11-Year High Against Biggest Rivals
Wall Street Journal 01/04/2015
OECD Leading Indicators Point to Eurozone Revival
Wall Street Journal 02/09/2015
Weaker Euro Ripples Around World
Wall Street Journal 03/13/2015
A Weaker Euro Could Rescue Europe
Wall Street Journal 06/28/2012
U.S.-China relations 2010-2013
01/13/2009
U.S.-China relations. Policy differences and trade relations are expected to exacerbate in 2010. The role of the U.S. as a supplicant to China in 2009 may lead to frustration and stepping back. US-China relations are tense because of continuing trade pressures and large trade deficits as China continues with its export model. Currency issues also an irritant.
Grouped Articles
US-China trade relations: Speak less softly, carry a stick
Economist 09/25/2010
China Pumps Up the Volume Against Japan
Wall Street Journal 02/08/2014
U.S. and China Mark 30 Years of Diplomatic Ties
New York Times 01/13/2009
U.S.-China relations to face strains, experts say - washingtonpost.com
Washington Post 01/03/2010
U.S., China locked in trade disputes
Washington Post 01/04/2010
China denounces U.S. trade ruling on steel pipes
Washington Post 01/01/2010
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.
Grouped Articles
Wall Street Journal 10/04/2011
Economist 03/31/2010
Europeâs Debt Crisis Is Casting a Shadow Over China
New York Times 05/17/2010
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
The U.S. election campaigns in 2016 and U.S.-China relations
03/30/2016
The U.S. election campaign with Clinton and Trump taking strong positions on China, is affecting the outlook for U.S.- China relations. In the background are other issues in addition to the trade deficit- the South China Sea, and cyber espionage which have led to a tense relationship.
Grouped Articles
Campaign Season’s Anti-China Tone Is Likely to Cloud Meeting With Obama
New York Times 03/30/2016
How China’s fishermen are fighting a covert war in the South China Sea - The Washington Post
Washington Post 04/13/2016
More Wealth, More Jobs, but Not for Everyone: What Fuels the Backlash on Trade
The New York Times 09/28/2016
Why the US fears Russia is hacking its presidential election - BBC News
BBC News 10/11/2016
Bob Dole Worked Behind the Scenes on Trump-Taiwan Call
The New York Times 12/06/2016
Trump Suggests Using Bedrock China Policy as Bargaining Chip
The New York Times 12/11/2016
Views on globalization- Trump for the U.S. and Jinping for China
02/06/2017
China sees globalization within the context of pursuing its own interests, Trump's trade policies are similar in this respect.
Grouped Articles
On Globalization, China and Trump Are Closer Than They Appear
WSJ 01/27/2017
China Takes Heat on Trade, but Germany’s Power Continues to Grow
WSJ 03/05/2017
03/07/2017
Germany to take legal action if Trump taxes imports | Business | DW.COM | 17.03.2017
DW.COM 03/17/2017
Mnuchin Says U.S. Is Seeking to Avoid Trade Wars
WSJ 03/16/2017
Trump and Xi’s First Meeting: How Long Will the Cordiality Last?
The New York Times 04/06/2017
U.S. trade with China in 2000-2011 and the impact on cities and counties in the U.S.
09/25/2010
Three American researchers have completed a study on the impact of U.S. trade in the decade 2000-2011 with China, a period of exceptionally high growth of about 12% in China and a surge in imports into the U.S. The study shows counties in the 75th percentile in import levels experienced a surge in unemployment and government payments to support the unemployed. Nobel Prize winner Michael Spence points out this was an exceptional period and no theory in textbooks can account for the changes taking place because the growth rate in China was unprecedented.
Grouped Articles
Tallying the Toll of U.S.-China Trade
Wall Street Journal 09/27/2011
US-China trade relations: Speak less softly, carry a stick
Economist 09/25/2010
Wall Street Journal 10/02/2010
In Tepid Wage Growth, a Potent Sign of a Still-Fragile Economy
New York Times 05/05/2014
U.S. Trade Gap Widens on Surging Imports
Wall Street Journal 05/06/2015
Campaign Season’s Anti-China Tone Is Likely to Cloud Meeting With Obama
New York Times 03/30/2016
Germany's trade relations with the U.S.
02/10/2017
Grouped Articles
Germany’s Global Trade Surplus Hits Record in 2016
WSJ 02/09/2017
China Takes Heat on Trade, but Germany’s Power Continues to Grow
WSJ 03/05/2017
Merkel and Trump begin key talks at White House - BBC News
BBC News 03/17/2017
Germany to take legal action if Trump taxes imports | Business | DW.COM | 17.03.2017
DW.COM 03/17/2017
U.S. Breaks With Allies Over Trade Issues Amid Trump’s ‘America First’ Vows
The New York Times 03/18/2017
Germany Reacts to Merkel-Trump Visit: ‘Could Have Been a Lot Worse’
The New York Times 03/18/2017
China- German trade and economic relations
06/29/2011
Grouped Articles
Germany’s Merkel Offers Limited Support for Hong Kong Protesters
Wall Street Journal 10/11/2014
Wen Renews Chinese Vow to Buy European Bonds
Wall Street Journal 06/29/2011
New York Times 10/15/2011
Wall Street Journal 02/14/2012
China Speeds Economic 'Transformation'
Wall Street Journal 03/06/2012
China's Vanishing Trade Imbalance
New York Times 05/01/2012
Weaker yen and euro aids Japanese and German auto exporters in the U.S. market in 2015
01/13/2015
Grouped Articles
Stronger Dollar Aids Auto Importers
Wall Street Journal 01/13/2015
New York Times 03/13/2015
Germany’s Global Trade Surplus Hits Record in 2016
WSJ 02/09/2017
China Takes Heat on Trade, but Germany’s Power Continues to Grow
WSJ 03/05/2017
Germany and years of underinvestment in infrastructure
06/06/2012
Germany's municipalities have a backlog of infrastructure spending needs of about 100 billion euros, according to KfW bank. Germany spends far less on infrastructure than the U.S., UK, Spain and other countries. Infrastructure spending is less than what is needed to take care of depreciation, much less than what is needed to rebuild it. Schools, bridges, roads have been neglected as Germany has focussed on exports. Infrastructure spending at 39.5 billion euros in 2012 was down by 9.5% from 2011 in inflation adjusted terms for Germany.
Grouped Articles
Elites Flock to Anti-Euro Party, Alternative for Germany
New York Times 04/14/2013
New York Times 11/03/2013
Germanyâs Neighbors Admonish It Over Surplus
New York Times 11/13/2013
Euro-Zone Inflation Returns to Record Low
Wall Street Journal 02/02/2014
Germany Considers Subsidies for Non-State Child Care
New York Times 06/06/2012
Germany’s flagging economy: Build some bridges and roads, Mrs Merkel
Economist 10/17/2014
Robert Lighthizer and other experts call for trade and globalization practices that work for the U.S.
01/06/2010
The failure of the establishment of both parties in the USA to take action in the face of the loss of 5.6 million jobs in the last decade, with $4.3 trillion in trade imbalances. An issue which resonates with voters in the US and could lead to a fundamental realignent of American attitudes to globalization and free trade. The feeling that the free-trade deck is stacked against the USA by Asian countries. China's efforts to keep the yuan dollar exchange rate at levels that favor exports. China's accumulation of over $3 trillion in dollar reserves that are parked mostly in Treasury's that keep U.S. interests low. Distortons in the global economy from the failure to rebalance the world economy hurts China and the U.S.
Grouped Articles
Wall Street Journal 10/04/2011
US-China trade relations: Speak less softly, carry a stick
Economist 09/25/2010
New York Times 09/30/2010
Wall Street Journal 10/02/2010
The Engine That Pulled Us Out of Recession
Wall Street Journal 03/19/2015
What’s Our Duty to the People Globalization Leaves Behind?
New York Times 01/26/2016
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.
Grouped Articles
Wall Street Journal 10/04/2011
China Logs Surprise Trade Deficit
Wall Street Journal 03/10/2011
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
American public opinion on China, jobs and U.S.-China trade.
09/25/2010
Grouped Articles
US-China trade relations: Speak less softly, carry a stick
Economist 09/25/2010
Wall Street Journal 10/02/2010
China Pumps Up the Volume Against Japan
Wall Street Journal 02/08/2014
Xi Gives America Inc. a Reality Check
Wall Street Journal 09/22/2015
After Michigan Loss, Hillary Clinton Sharpens Message on Jobs and Trade
New York Times 03/09/2016
Campaign Season’s Anti-China Tone Is Likely to Cloud Meeting With Obama
New York Times 03/30/2016
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.
Grouped Articles
Wall Street Journal 10/04/2011
Europeâs Debt Crisis Is Casting a Shadow Over China
New York Times 05/17/2010
The Long View of Changes in Chinaâs Currency
New York Times 09/21/2010
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
Obama Promotes Benefits of Trade Deals to Workers and Smaller Businesses
New York Times 02/26/2015
Mexico-China trade tensions
06/21/2011
Grouped Articles
Mexico and China look to trade away old rivalry - The Washington Post
Washington Post 04/18/2013
Mexico, China Seek to Jump-Start Trade
Wall Street Journal 06/04/2013
As Ties With China Unravel, U.S. Companies Head to Mexico
New York Times 05/31/2014
China Plan Raises Ire in Mexico
Wall Street Journal 01/17/2013
No Appreciation for the Rising Yuan
Wall Street Journal 06/21/2011
China takes the driver's seat on free trade | Asia | DW.COM | 21.11.2016
DW.COM 11/21/2016
China's trade surplus
05/10/2012
Grouped Articles
Chinese Trade Surplus Rose Sharply in April
Wall Street Journal 05/10/2012
More Wealth, More Jobs, but Not for Everyone: What Fuels the Backlash on Trade
The New York Times 09/28/2016
Xi Jinping signals China will champion free trade if Trump builds barriers
The Guardian 01/17/2017
China Takes Heat on Trade, but Germany’s Power Continues to Grow
WSJ 03/05/2017
Trump Says China Will Get Better Trade Deal if It Solves ‘North Korean Problem’
The New York Times 04/11/2017
Donald Trump’s Recent Policy Reversals Reflect Business Influence
WSJ 04/14/2017
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