U.S. looks to balance exports, imports

Mitchell Hartman Nov 13, 2009
HTML EMBED:
COPY

U.S. looks to balance exports, imports

Mitchell Hartman Nov 13, 2009
HTML EMBED:
COPY

TEXT OF STORY

Stacey Vanek-Smith: President Obama is in Asia for the next week. One of the big topics on his agenda? Trade. Mitchell Hartman has more.


Mitchell Hartman: On the eve of his trip, President Obama explained his goals in ways a non-economist could easily understand.

PRESIDENT BARACK OBAMA: It’s a strategy in which Asian and Pacific markets are open to our exports.

And, said the president, one in which the U.S. is no longer the global consumer of last resort — buying and borrowing beyond its means to drive growth in Asia and other emerging economies.

Fariborz GHADAR: What has happened is, we’ve been buying Chinese goods, and they’ve been buying our paper.

Meaning, our debt, explains Fariborz Ghadar of the Penn State Center for Global Business Studies. Ghadar says the administration’s message to China and other Asian powerhouses is: boost your domestic consumption.

GHADAR: Make sure your economy grows rapidly by buying stuff internationally, and specifically from us.

That way, continued rapid growth in Asia will help stimulate production and job creation in the U.S. as well.

I’m Mitchell Hartman for Marketplace.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.