Source: POLITICO'S MORNING AGRICULTURE, 10/23/18

REPORT: TRADE DEFICIT WITH CHINA HAS COST MILLIONS OF U.S. JOBS: The U.S. trade deficit with China has ballooned since Beijing joined the World Trade Organization in 2001, eliminating 3.4 million American jobs, according to a new report from the Economic Policy Institute out this morning.

China has propelled into the second-largest economy at the expense of many U.S. manufacturing plants and jobs, the report shows.

“China’s trade-distorting practices, aided by China’s currency manipulation and misalignment and its suppression of wages and labor rights, resulted in a flood of dumped and subsidized imports that greatly exceeded the growth of U.S. exports to China,” the report explains. It also adds that Beijing failed to implement certain policies that would have allowed for a “promised surge” of U.S. goods to China.

From the Pacific to the Atlantic: Job loss has hit every state and congressional district to a varying degree, according to the report. The most affected states, based on share of net jobs displaced, are New Hampshire, Oregon, California, Minnesota and North Carolina.

Manufacturing jobs make up almost 75 percent of those displaced by the deficit, the report adds, with more than 1.2 million U.S. jobs lost in the computer and electronic parts industry.

By the numbers: While President Donald Trump has sought to rein in the U.S. trade deficit, the overall number has increased nearly 10 percent during his first year in office, to $552 billion — and is on track to swell further this year. Most economists say the trade deficit generally grows as a sign of a strong economy with increased consumer spending. The U.S. goods trade deficit with China grew from $83 billion in 2001 to $375.2 billion in 2017. The August deficit with China was the highest on record, at $38.6 billion, a Commerce Department report shows.