On November 14, the CEOs of 105 major transnational corporations sent a letter organized by the U.S.-China Business Council to the Democratic and Republican leaders of both houses of Congress. The letter argued against enacting any legislation targeting the U.S.-China trading relationship. These corporations are heavily involved financially in this relationship, helping China rise to become the next great rival to the United States. They provide Beijing with capital and technology, and place the orders that keep Chinese factories open while American factories close or move their own factories from here to China. They bear much of the responsibility for last years lopsided $235 billion U.S. trade deficit with China. When their letter cites the enormous benefits to our economy in terms of job creation and economic growth, they should really be talking about China. http://americaneconomicalert.org/view_art.asp?Prod_ID=2889 Since this article was written in 2007, the Trade Deficit with Communist China has gotten worse. It now stands at $413B.
