Editor's Note: Before the turn of the century, it was considered a "no brainer" for U.S. businesses: you had to be in China. Fast forward ten years and you have to ask the question, "has China been good or bad for America?" This week in our original series "China Rising," we're assessing China's economic impact on the United States. Tomorrow on American Morning, Christine Romans examines how China has changed American businesses. One look at your dinner table will tell you everything you need to know.
By Christine Romans, CNN
(CNN) – The question nine years after China was admitted to the World Trade Organization and officially welcomed in to the world economy is this: Has China's rise been good or bad for America?
Meet Steve Udden. He is a husband, father of two daughters and a trade statistic.
"I felt like a baseball player that got traded from a team that he loved playing for and loved the fans. I loved my customers; my coworkers were like second family to me," he explains.
His job as a telecoms projects manager went overseas to China when his factory moved there. Classified by the U.S. government as a casualty of foreign trade qualifies him for a stipend and money for retraining. Unemployment benefits and COBRA health insurance help fill the gap.
“We are keeping it level and steady and holding the line and right now we are ok.”
He's the face of the increasingly strained relations between the United States and China.
One think-tank estimates 2.4 million manufacturing jobs were lost between 2001-2008.
With China's explosive rise comes a nation that is now a key player in America's domestic and foreign policy. Take its currency: Anything made in China is cheaper than made in the USA. Why?
Editor's Note: Before the turn of the century, it was considered a "no brainer" for U.S. businesses: you had to be in China. Fast forward ten years and you have to ask the question, "has China been good or bad for America?" This week in our American Morning original series "China Rising," we're assessing China's economic impact on the United States.
(CNN) – According to the U.S. Treasury Department, China holds $889 billion in U.S. treasuries. As a major lender, it is essentially the banker that funds our government and our recovery.
Gordon Chang, a noted China-watcher and author of "The Coming Collapse of China," explains in his own words why China is unlikely to dump its American investments, and in fact, may need America more than America needs China. Watch:
By Christine Romans, CNN
(CNN) – The Chinese are mad at the Americans, mild-manned economists are bashing each other, and the heat rises on the China-U.S. relationship.
That heat has risen every day, all week since Chinese Premier Wen Jiabao’s uncharacteristic tongue-lashing of the United States in his annual press availability last weekend.
He blasted the U.S., its president, and its policies and warned in very clear language that we don’t want to make China our enemy. It wouldn’t be good for either country.
He’s right about the last point, but what is less clear is the path out of this mess.
The Chinese are angry that the U.S. is selling arms to Taiwan, that the president met with the Dalai Lama and that U.S. officials have urged China to let its currency rise. An artificially low yuan makes anything “Made in China” cheaper than U.S.-made goods.
Two years into a crushing recession, the political winds are blowing in the direction of anything that will help American jobs. A bill this week introduced in the Senate would slap Chinese products with tariffs as retaliation for China keeping its currency artificially low.
Former Secretary of State Colin Powell told PBS anchor and Bloomberg contributor Judy Woodruff that the U.S.-China relationship began strongly under this president and has deteriorated ever since. Usually, the conflict over Taiwan and the Dalai Lama is an exercise in diplomacy: the Chinese scream, we say we have our principles, and then everyone gets over it.
This time is different. Action against China in Congress is more likely than anytime in the last four years, the Google dispute adds a new wrinkle, and, as Powell described it, the Chinese are “more stiff” in their talks and diplomacy with the U.S. than they have been in recent years.
After this difficult and uncomfortable week for the world’s most important financial marriage, Reuters is reporting that the Chinese are now trying to cool down the rhetoric and are sending a special trade envoy to Washington later this month.
(CNN) – Good news for job seekers. You can deduct some expensive job hunting expenses, including employment and outplacement agency fees, travel costs and resume costs. Here's a list of what and who is eligible.
Tax Deductions for Job Seekers
Are you eligible?
Toyota executives aren't the only ones taking heat over the safety of their cars. The National Highway Traffic Safety Administration is also under fire.
The agency is supposed to investigate potential safety defects, but many say it's just another example of our broken government – overworked and underfunded.
We were joined on Wednesday's American Morning by Allan Kam, who was once senior enforcement attorney for the NHTSA. He retired in 2000 and is now director of Highway Traffic Safety Associates.