NEW YORK, Jan. 15 (Xinhua) -- The Chinese are not thrilled about their entanglement with the U.S. economy, any more than Donald Trump is, but like a quarreling couple, the two nations have kept dancing together out of mutual self-interest, a U.S. expert has said.
Farok Contractor, a distinguished professor at Rutgers Business School, made the remarks in an article posted on his website Saturday.
According to professor Contractor's research, adding up the numbers for exports as well as foreign direct investment (FDI) between China and the U.S., the maximum number of jobs created by such activities in China is between 17.79 and 17.99 million, while the number in the U.S. is about 1.6 million.
Besides jobs, other consequences of the two nations' intertwined economy are also too important to be neglected.
Many Americans blame the United States' massive trade deficit on China. However, what will happen to the U.S. consumers if the country replaces Chinese imports with U.S. manufacturing?
Based on the two countries' relative economic data of 2016, Contractor calculated that U.S. consumers would pay an additional cost of 295.17 billion U.S. dollars, or 2,380 dollars per household, on consumption in 2016.
Furthermore, the above estimate is only for consumer products and does not include U.S. imports of industrial output from China.
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