InÂ evaluating the effectiveness of our national trade policy, a look atÂ our trade surpluses, or rather, deficits, provides a most tellingÂ answer. Our deficits for the past 16 years have crossed the sixÂ billion dollar mark, and the deficit with China alone accounted forÂ almost half of it, at 270 billion. As our economists struggle toÂ explain these staggering numbers, China has quietly accumulated inÂ excess of two trillion dollars worth of foreign exchange reservesÂ during the same period.
ThisÂ imbalances of our trade deficit, along with the inherentÂ disadvantages that our manufacturers and industries face owing to ourÂ labor and environmental policies, that is not being asked of theirÂ foreign competitors, are just some of the more pertinent issues thatÂ needs to be tackled by our presidential candidates before we evenÂ move to issues involving North American Free Trade Agreement (NAFTA)Â and the World Trade Organization (WTO).
â€˘ I think that globalization is here and if we donâ€™t take advantage of trade opportunities weâ€™ll pay a price.
â€˘ I believe that business leaders, not diplomats, should negotiate trade agreements for the US.
â€˘ I would use tough negotiations instead of protectionism.