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While not perfect the US trade relationship with China has been beneficial to the US and has led to substantial benefits in terms of lowering the cost of a wide range of manufactured commodities. The impact of Chinese trade has dampened inflation over the course of the past decade. The benefits of lower inflation and inflationary pressures has led to overall lower interest rates which has benefited the economy substantially. The truth is that in the 19th century England was the dominant producer of a large number of manufactured products (clothing etc...) and currently is not the dominant producer of anything yet enjoys a much higher standard of living today then it did then.If the US were to try to impose restrictions on trade with China it would not bring back industry's like clothing and toy manufacturing to the US but would simply increase the cost of these commodities and likely lead to increased inflationary pressures. The argument that Chinese trade makes America poorer is simply not valid.The globalization of trade and the vast increase in freer trade is one of the principal reasons for the past decade of global prosperity. Of course there are losers and winners in this trading environment. It would be beneficial to aim government policy at helping workers affected by globalization to transition to other areas of the economy rather than become protectionist.

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