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US should engage Asia as a partner (2)

By Ariel Tung in New York (China Daily)

08:35, October 24, 2012

According to Tay, outsourcing has become a bad word for people in the US.

During the crisis in 2008, a CBS news poll showed two-thirds of US citizens believe trade adversely affects their job security while more than 75 percent feel negatively about outsourcing to other countries.

During this year's election campaigns, both candidates attacked each other over the outsourcing of US manufacturing jobs to China.

During his re-election campaign, Obama has said he would bring more jobs back by reforming the tax code to make outsourcing less financially attractive for US companies.

"America's loss of jobs is not China's fault," Tay said. "It's the natural law of markets and globalization. And American companies are involved in this. It's not China that drives them to outsource jobs."

The trade imbalance between China and the US talked about in the West has always been a cause of tension between the two countries, but Tay said the actual imbalance may be exaggerated based on "an old assumption in measuring trade flows".

Tay is worried that protectionist moves against imports from China and Asia will ultimately hurt both Asia and the US. "The economic interdependence we see in the world is not about 'I win you lose'. The gap between America and other emerging markets is closing."


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