Post-earthquake Japan-Korea ties
Japan, the forgotten protectionist threat
Everyone's worried about China today on the trade front. And they should be. But let's not forget that China is only the most brazen player of one-way free trade out there. We ran a $273 billion deficit with China in 2010, but we also ran an $80 billion deficit with the European Union and a $60 billion deficit with Japan. These rich-country trade deficits are in some ways more alarming than our deficit with China, because they are emphatically not the result of cheap foreign labor. In fact, nearly a dozen European countries now pay their manufacturing workers better than we do. (csmonitor.com)
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