Developing a mutually beneficial US-China economic relationship

The US-China economic relationship delivers more benefits to the US than is commonly understood. According to a 2017 Oxford Economics study prepared for the US-China Business Council, exports to China support around 1.8 million jobs in sectors such as services, agriculture, and capital goods. When the activities of affiliates of US and Chinese companies in each respective market are factored in, the US is shown to sell more to China than vice versa. However, China-US trade has also led to job destruction in some US industries—particularly low-wage manufacturing. Moreover, China’s economic practices regarding intellectual property (IP) and technology transfer risk harming the US services sector and America’s knowledge economy.