AP IMPACT: China overtaking US as global trader

[ScienceRocks]

AP IMPACT: China overtaking US as global trader

JOE McDONALD, AP Business Writers, By JOE McDONALD and YOUKYUNG LEE, AP Business Writers | December 2, 2012 | Updated: December 2, 2012 11:09pm


AP IMPACT: China overtaking US as global trader - Houston Chronicle


SEOUL, South Korea (AP) — Shin Cheol-soo no longer sees his future in the United States.

The South Korean businessman supplied components to American automakers for a decade. But this year, he uprooted his family from Detroit and moved home to focus on selling to the new economic superpower: China.

In just five years, China has surpassed the United States as a trading partner for much of the world, including U.S. allies such as South Korea and Australia, according to an Associated Press analysis of trade data. As recently as 2006, the U.S. was the larger trading partner for 127 countries, versus just 70 for China. By last year the two had clearly traded places: 124 countries for China, 76 for the U.S.

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Obama will be remembered for being the president that took us from 1# to 2# in this world.