Word: billion
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Dates: during 2000-2009
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...Friday, as President Obama crossed the Pacific to begin his first trip to Asia, the Census Bureau released its monthly trade tally. The headline was that the U.S. trade deficit grew to $36.5 billion in September, more than forecasters expected and the biggest such figure since January. But the really dramatic number was that 60.5% of the deficit, or $22.1 billion, was with just one country: China...
...those days. The trade deficit with Japan never shrank much in dollar terms, but it became smaller as a share of GDP starting in the mid-1990s, and was eclipsed by the trade imbalance with China in 2000 (in September the U.S. trade deficit with Japan was $4.1 billion, compared to $22.1 billion with China). The issue was never resolved, but it ceased to seem so important. Could that happen with China...
...after that it was looking into imports of U.S.-made cars from manufacturers that received government support. The trend has economists worried about a trade war. But U.S. officials dismiss that notion, arguing that the affected goods comprise a small part of the massive trade relationship that surpassed $400 billion last year. The global economic slump has no doubt exacerbated tensions, but the U.S. and China have matured in how they discuss their trade differences. "They're working through a lot of scattered issues, but they are working through the WTO," says James McGregor, the former chairman of the American...
...Intellectual Property Rights Illegal copying of everything from handbags to DVDs to medicine in China is a source of extreme frustration for many U.S. companies. American software and music companies say that more than $3.5 billion worth of their goods are pirated in China each year. The U.S. has pushed China to step up its enforcement of intellectual-property rights, arguing that it's one way to narrow a trade gap that reached $268 billion last year. While the U.S. is unlikely to make any progress on pushing China to allow its currency to appreciate, it could make a stronger...
...Translation: global markets will remain buoyant longer than expected as the short-sellers are forced to cover their anti-China bets and the unbelievers finally come around and belatedly take long positions. For the sake of 1.3 billion Chinese and the rest of us, let's hope it's Jim O'Neill that's right, rather than Jim Chanos...