Trade With China is About More than Money

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Chinese citizens can’t vote in national elections. Not at home. And, of course, not in America. American citizens can. That combination of circumstances is likely to have an effect on U.S. trade policy as Congress settles in for the final weeks before the November 2 elections. President Obama and the Democrats have promised that their new trade policy—a muscular approach to unfair trading partners, a tax crackdown on companies “exporting jobs,” and vigorous promotion of made-in-the-U.S.A. products—will create millions of jobs. And jobs are what this election is all about.

With domestic demand likely to remain weak while consumers rebuild their recession-shriveled balance sheets and businesses ponder the likely next turn in government policy, the billions of customers overseas beckon. Or should. But don’t. At least not sufficiently to offset the flood of imports that continue to fill the shelves of Wal-Mart and the stocks of builders and other American firms.

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