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NOTHING IS PERMANENT EXCEPT CHANGE

Ever since China was admitted to the World Trade Organization in 2001, the trade imbalance between the United States and China has become more and more lopsided. In 2001, the deficit stood at $83 billion. In 2017, it reached $375 billion. Rather than moving toward a more open economy, as enthusiasts of WTO membership predicted, China has intensified its policies of state-led capitalism and protectionism. Combined with its outright technology theft, these policies have enabled China to achieve domination in industry after industry, with grave economic and geopolitical consequences for the U.S.

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