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ARTICLE · 23 SEPTEMBER 2024

China Shock 2.0

Buchanan Ingersoll & Rooney
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China's decision to attempt to export its way out of its economic doldrums should be of great concern to all U.S. manufacturers.

United StatesInternational Law
Daniel B. Pickard
Daniel B. Pickard
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China's decision to attempt to export its way out of its economic doldrums should be of great concern to all U.S. manufacturers. Lingling Wei's recent article in the Wall Street Journal highlights Washington's concerns both in regard to increasing volumes of unfairly priced Chinese imports but also the fact that China has spent a trillion dollars to expand its influence across Asia, Africa and Latin America. The Belt and Road Initiative has created unhealthy dependence for many of these countries on China as they become unable to service their large debt loads.

As China continues to subsidize its industries (including export subsidies), U.S. companies and their workers pay the price. "China Shock 1.0" refers to the flood of Chinese imports into the United States after China joined the World Trade Organization in 2001. The original China Shock has been estimated to have resulted in 2 million lost U.S. jobs.

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