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Trade deficits may or may not be bad, but putting our welfare at risk to a country like China because we want cheeep goods is surely going to be a bad thing.
We lost our incentive to innovate because it was easier to ship our manufacturing overseas. Giving China the resources to build up their military is going to hurt the world in the long run. They eventually will hold us by the nuts and we won’t be able to do much except maybe try to devalue out currency, which may piss off everybody else also.
Giving anyone economic power over us is most likely a bad thing.
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