Trade is cost-efficient
I understand Jack A. Abel’s concern, expressed in his Nov. 12 letter, regarding imports from China, but disagree on the fact that we should buy only American products.
Imports and exports are part of U.S. trade patterns. America imports products like coffee, baseballs and steel, but we also export billions of goods like farm products, machinery and raw material. The U.S. also exports billions of dollars worth of services like tourism, software, and insurance.
We can’t stop importing products from China and start manufacturing these same products in U.S., because it will not be cost-efficient. We must produce the products we specialize in and thus increase the total output.
Jack believes that we should manufacture most of the products we normally import in order to decrease the unemployment rate.
However, I believe that we should focus on manufacturing products and services we specialize in and create jobs in those areas. After all, how many Disneylands and Hollywoods are there?