Walmart's Policies
Have Sent 400,000 Jobs to China
Walmart's policies have sent 400,000 jobs to China since 2001, a new report conservatively estimates.
The report from the Economic Policy Institute describes the process through which Walmart, the world's largest retailer, serves as a key conduit of Chinese products being introduced to the American market.
Key findings from the report:
·
Chinese imports
entering through Walmart in 2013 likely totaled at least $49.1 billion, and the
combined effect of imports from and exports to China conducted through Walmart
likely accounted for 15.3% of the growth of the total U.S. goods trade deficit
with China between 2001 and 2013.
·
The Walmart-based
trade deficit with China alone eliminated or displaced more than 400,000 U.S.
jobs between 2001 and 2013.
·
The manufacturing
sector and its workers have been hardest hit by the growth of Walmart’s imports.
Walmart’s increased trade deficit with China between 2001 and 2013 eliminated
314,500 manufacturing jobs, 75.7% of the jobs lost from Walmart’s trade
deficit. These job losses are particularly destructive because jobs in the
manufacturing sector pay higher wages and provide better benefits than most
other industries, especially for workers with less than a college education.
·
Walmart has announced
plans to create opportunities for American manufacturing by “investing in
American jobs.” To date, very few actual U.S. jobs have been created by this
program, and since 2001, the growing Walmart trade deficit with China has
displaced more than 100 U.S. jobs for every actual or promised job created
through this program.
China's rapidly-growing trade surpluses are largely a result of
currency manipulation.
China invests hundreds of billions of dollars in efforts
to bid up the value of the dollar and other currencies, lowering the costs of
Chinese exports to the United States and other countries.
Suppression of labor
rights keeps wages down, making Chinese-made products artificially cheap.
Walmart serves as a major conduit of cheap products into the United States.
Read the full report to learn more.