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A Principled and Realistic Approach for U.S. Policymakers
Six years after Congress voted by a strong bipartisan margin
to grant permanent normal trade relations (PNTR) to China
and endorse its entry into the World Trade Organization (WTO),
the consensus regarding trade policy with China is fraying.
In its place is a wide range of voices seeking everything
from preservation of the status quo, to unilateral tariffs
against all Chinese imports, to a revocation of PNTR.
There is too much at stake, however, to allow the consensus
to fray regarding the U.S.-China economic relationship. China
is our third largest trading partner, our fourth largest export
market, a rising regional (and, in some respects, global)
power, and, with the U.S., a twin engine of global economic
growth. How we manage this economic relationship will have
profound implications for the U.S. and world economy.
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