Our new diplomatic partner
But rather than strictly enforcing our trade laws, we accept goods on a largely unrestricted basis from cheaper foreign markets. Multinational firms continue to open operations in low-wage China instead of this country. In fact, China surpassed the United States as the most popular destination for foreign direct investment last year. And 10 of China's top 40 exporters are U.S.-based companies like Motorola.
"We've essentially given our trade policy over to transnational corporations who do not have an interest in the United States or interest in any particular country," says Hawkins. "They're interested only in their own advancement." And he adds, "Because of that, we don't have any part of our government, any agency, any committee that thinks seriously about the future of our economy or its competitiveness."
The Chinese are obviously thinking seriously about the future of their economy. Once again, the United States is running a serious deficit.
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