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The United States, the most powerful nation the world has ever seen, will be getting a run for its money from China in the decades to come. According to a report by Albert Keidel of the Carnegie Endowment for International Peace, China's economy will surpass the U.S. by 2035 and will be twice its size by the middle of the century.The thought of the U.S. not being number one is mind blowing, but not surprising. China's growth rate during this decade has averaged more than 10% and is still going strong even amid a global economic slowdown. Meanwhile, Chinese exports to the U.S. exceeded imports by about $75 billion between January and April. Chinese exports probably were not slowed much by the recent devastating earthquake that killed more than 69,000 probably did little to slow China's economy.
Not surprisingly, talk of protectionism seems to be on the rise in the U.S. One foolish member of Congress has proposed slapping new tariffs on Chinese goods to punish the country for currency manipulation. Such a law would probably be struck down by the World Trade Organization. Barack Obama, the presumptive Democratic presidential nominee, pledges to fight for a "a trade policy that opens up foreign markets to support good American jobs." He also wants to "amend" the North American Free Trade Agreement. Republican John McCain takes the opposite approach, vowing during his recent overseas trips to continue President Bush's free trade agenda.
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