The Economic Policy Institute reports
that trade with China, particularly fueled by Walmart
purchases there, has cost the U.S. about 400,000 jobs since 2001. It estimates Walmart has sold $49 billion worth of Chinese-made goods during that time.
This, despite Walmart's promises to buy American and create jobs at home.
A delicious double whammy coming. The Hutchinson administration just signed an agreement with China to provide help — state incentives could include everything from tax credits to direct subsidies and loans of Arkansas taxpayer money — to "lure" a Chinese company to build a pulp mill here. It so happens that Arkansas is awash with an oversupply of pulpwood. The Chinese will not be building any mill in Arizona, for example.
The double whammy. The mill will ship processed pulp back to China to be made into diapers and stuff, most likely for Walmart to sell. So we'll get some pulp mill jobs. But we'll have to give Chinese a bunch of money to get them and then it will cost more U.S. jobs by encouraging manufacturing in China.