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China, Saudi Arabia pledge to help cut global imbalances
Apr 14, 2007, 21:55 GMT
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China is already importing a great deal from the US, but almost all of it is industrial goods, large refrigeration plants, industrial sprayers, switchgear, et cetera. The Chinese are also exporting a good many industrial goods to the United States, heavy stuff that has a pretty much fixed design for the most part, such as mud pumps for the oil field, oil rigs, some large pieces of rolling stock, wheel loaders and that kind of thing.
The real problem is how they limit the upward mobility of their workforce and hand our management teams a captive labor market. You do NOT have free trade if the labor is not free to choose.
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