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What does America produce? There is an 800 Billion trade deficit.
Any idiot can consume thats all Americans do is consume.
No society can last that does not produce real capital.
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Industrial supplies, chemicals, transistors, aircraft, cars, computers, telecommunications equipments, software, medicines, beer, soft drinks. The list is long.
US exports have increased faster in the past 20 years than the economy itself. Its imports have increased even faster - thus its "trade deficit".
Of course it is beneficial for the US (and China) that a mammoth company like Wal Mart tries to lower its costs and pass down its savings to its customers. Thus many of its items are manufactured in China. Whether from US companies setting up shop there or purchasing directly from Chinese companies. Some goods are produced cheaper there. Some aren't. It's called "comparative advantage" and everyone benefits from it.
American companies are expanding intro China at a very fast rate. If you read a lot of 10-ks you know what i am talking about. Anheuser Bush, as an example, bought 27% of Tsingtao. Walmart has been opening stores in China. Home Depot has established a Chinese operation. America and China both benefit from an expanding Chinese economy.