A study by the Economic Policy Institute says Minnesota lost 70,000 jobs since 2001 because China’s currency manipulation led to the rapidly growing U.S. trade deficit with that country.
The study says 2.8 million jobs nationwide were lost because of Chinese policies since China entered the World Trade Organization 10 years ago.
The Economic Policy Institute is a nonprofit, non-partisan think tank in Washington, D.C., that studies how issues affect low- and middle-income workers. It says its mission is to “inform and empower individuals to seek solutions that ensure broadly shared prosperity and opportunity.”
The report says:
“China’s currency manipulation, state-owned enterprises, heavy industrial subsidies, intellectual property theft and piracy, indigenous innovation policies, rare earth mineral export restrictions and other trade-distorting practices have caused China’s share of the total U.S. non-oil trade deficit to soar from 69.6 percent in 2008 to 78.3 percent in 2010.”
Nationally, most of the lost jobs were in the computer and electronic parts industries.
Minnesota is one of 10 states, the report says, where the jobs lost or displaced exceeded 2.2 percent of total employment. The other states are New Hampshire, California, Massachusetts, Oregon, North Carolina, Idaho, Vermont, Colorado and Rhode Island.