US must decrease economic dependence on China: Analyst
The United States must decrease its economic dependence on China in order to contain Beijing, by using a similar strategy that Washington utilized to end its energy reliance on Saudi Arabia, a former Pentagon official says.
“If we were to alter our tax structure in the United States for corporations to entice them to come on back to the United States and produce, that will affect China’s economy,” said Michael Maloof, a former senior security policy analyst at the US Department of Defense.
“We should undertake an effort pretty much like what we did with Saudi Arabia in terms of our one-time dependency on oil with them, we basically found alternatives and now we have less dependency on that oil today,” Maloof told Press TV on Friday.
“We should do the same with China’s economy in order to basically contain China’s initiatives,” he added.
Jobs outsourced to China have diminished American employment opportunities and have helped contribute to wage erosion since 2001, new research shows.
Between 2001 and 2013, the expanded trade deficit with China cost the US 3.2 million jobs, and 75 percent of those jobs were in manufacturing, according to a report released last year from the Economic Policy Institute.
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