The trend of U.S. companies serving Chinese consumers with products made in China could pose a significant challenge to Trump’s “America First” agenda
By David J. Lynch David J. Lynch Financial writer covering trade and globalization Email Bio Follow May 11 at 6:30 PM Chinese consumers for the first time last year bought more Cadillacs than Americans did, helping drive profits at General Motors. And though the designs for those Cadillacs may have been drafted in Detroit, nearly all of the luxury automobiles were assembled in China by some of GM’s nearly 60,000 local workers.
But whether he succeeds in securing a trade deal, many economists and executives say, the nature of the business relationship between the United States and China already is being redefined. The phenomenon, which is also seen in other quickly developing countries like India and Indonesia, will create a new set of winners and losers.
Already, United States -based multinationals have been creating jobs faster in China than at home, according to the Bureau of Economic Analysis. Since 2009, corporations have increased their Chinese workforce by 86 percent to 1.7 million — roughly four times the rate of increase at home. In trade talks with Beijing, the administration also is seeking greater access to the Chinese market, which could aid U.S. export prospects. But the biggest new opportunities may do little for blue-collar workers who lost out over the past 20 years of growing U.S.-China trade ties.
Craig Allen, president of the U.S.-China Business Council, which represents companies such as Amazon, Goldman Sachs and Procter & Gamble, said the administration’s stance presents multinationals with a dilemma. The Chinese economy also has slowed from its double-digit growth pace of earlier this decade, and many business executives doubt President Xi Jinping’s commitment to further market-oriented reforms. China faces a daunting corporate debt burden that some economists warn could spark a financial crisis and delay the onset of a new economic era.
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