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Absolutely not. But China will probably continue to enjoy its priviledged trade status as it has nothing to do with economics and all to do with politics.

As the trade deficit with China runs wild, as we lose more and more jobs to what is essential an economy based on low wages and oppression, as the Chinese economy booms at our expense our leaders somehow it is a good idea to continue a relationship that has been markedly one-sided. It does make one wonder if the Bush administration would have granted the Third Reich privileged trade status.

Privileged trade status should be accorded to nations who deal fairly with other nations, and their own citizens. It should be granted to nations who engaged in fair trade practices, and allow their currency to be set against others in the world. China does not do this, and therefore enjoys unfair advantages in the world market.

Fear mongers warn that removing the privileged status could hurt our own economy, and they may to some extent be correct. The larger problem is our own unrestrained capitalism that does not penalize American businesses for their complicity in American job loss by shipping those jobs to China. The recent lead paint fiasco with the millions it will cost American businesses,if not so dangerous, could be considered a refreshing reminder of what happens when you try to save a few bucks by dealing with a country that doesn't have to live up to world. business standards.

A one-year extension of privileged status, with a continuation based on China coming into line with how the rest of the world does business, might be acceptable. But carte blanc continuation should be out of the question.

Learn more about this author, Rob O'Hannon.
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