"Yes, people say there's been a lot of damage to US industries because of China. 1 , if you look at the figures carefully, the situation isn't so bad. Jobs have been lost in manufacturing, that's true, but new jobs have been created in the service sector. 2 , the US trade figures with East Asia aren't that bad. When you look at the whole region, the deficit has stayed more or less the same for several years. Surprised? I'll tell you the reason - it's 3 globalization . Yes, China has been growing, but a lot of that growth is because it assembles goods that were previously made in other Asian countries. 4 , at the end of the day, the US is importing the same amount of stuff from Asia, but now it's all made in China."



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