China is the United States second biggest trading partner, with trade for the year 2010 amounting to $459 billion. However, China's exports to US exceed their import by a massive $273 billion, effectively making this relationship exceptionally unhealthy.
China's arrival as major economic player has been privately attributed to its policy of distorting its financial policies, their refusal to float their currency in the open market, their selective adherence to World Trade Organization policies, their policy of subsidizing national enterprises to fight off foreign competition and their sometimes-open disregard to Intellectual Property Rights.
Set against the unhealthy US economy, unemployment and public debts, many are of the opinion that China must be pressured to conform to international trade policies. However, China is the biggest foreign lender in US, as well as the biggest subscriber of US Government bonds. Couple that with the dependence of the local American economy on cheap Chinese imports, there is a fear that playing hard ball with China might bounce back on us tenfold, severely crippling the national economy in the process. However, on the other side, keeping mum on the matter might prolong the sickness of our economy and may even be a contributing factor in its permanent death, as hard as it is to believe.
* I think that we should tax all imports from China 25%. That would encourage buying American and balance out the trade deficit.
* We have to be nice to each other and deal with each other on several issues. It's not up to them or us to try to change each other.