But from the deepest-blue city to the reddest-of-red hamlet, almost everyone agrees that America suffered a “China shock” in the 2000s. Joe Biden’s top economic adviser said that surging Chinese imports had destroyed “nearly 1m” manufacturing jobs. Scott Bessent, Donald Trump’s treasury secretary, said last year that it was 3.7m American jobs.
The economic research on which such claims are (in Mr Bessent’s case loosely) based is hugely influential. Yet it is controversial, too—and the argument about what exactly trade with China did to America’s economy is now hotting up once again. Financial firms race to create instruments to trade processing power Who will buy $120bn-worth of fresh Japanese government bonds?
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