U.S. Industry And Labor Need Quick Benefits After China's WTO Entry

ByJohn S. McClenahen China's formal entry into the World Trade Organization, expected to occur in early 2002, promises considerable economic benefits for both the People's Republic and the U.S., emphasizes a new report from the Council on Foreign Relations, New York. But, it also says, significant challenges lie ahead. Specifically, there's the risk of a political backlash in the U.S. if U.S. industry and workers don't quickly benefit from China's entry into the WTO -- and if China's trade surplus grows too rapidly, warns the report. Indeed, U.S. manufacturers will be closely watching Chinese pledges to lower tariffs on a wide range of goods and eliminate nontariff barriers in key industrial sectors. In 2000, the U.S. ran an $83.8 billion manufactured-goods trade deficit with China.