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SEPTEMBER 2019       TAP TIMES          -6-           China, the United States’ third-largest
                                                                 trading partner, with a total of 13.9 per-
                                                                 cent, exported $39 billion of goods to the
                                                                 U.S., but only imported $9 billion, for a
                  New Silk Road (from 4)
                                                                 balance of trade deficit of $30 billion in
                                                                 June 2019.
        With the BRI, China will deliver millions
        of dollars in infrastructure financing to                The fourth and fifth largest trading part-
        at least 68 countries in Asia, Europe and                ners in June 2019 were Japan with 5.2
        Africa.
                                                                 percent, followed by Germany with 4.3
                                                                 percent.

        Includes 4.4 billion people
        According to the ChinaPower Project, the
        BRI will combine new and old projects and
        aims to strengthen China’s connectivity to
        the world.  The countries it covers have
        a combined Gross Domestic Product of
        $23 trillion and include about 4.4 billion
        people.


        It seems obvious that the BRI will make
        China unquestionably the most powerful
        trader in the world.
                                                                 The Port of Oakland, Calif., is one of the busiest ports for
                                                                 arriving ships from China and other Asian countries.
        In 2018, China was the United States’                                                                             (Port of Oakland)
        largest trading partner. at $659.8 billion
        in two-way goods trading.  There was a                   According to the Center for Strategic and
        huge balance of trade deficit of $419.2                  International  Studies  (CSIS),  trade  be-
        billion in 2018.                                         tween  China  and  BRI  countries  between
                                                                 2014-2016 totaled around $3 trillion.


        Third largest export market
        China represented the third largest goods                Average income of $6,312
        export market last year, according to                    For the most part, the countries China has
        the U.S. Department of Commerce, with                    included  in  the  BRI  (also  known  as  “One
        $120.3 billion, down 7.4 percent from                    Belt, One Road), are poor countries.  For
        2017.                                                    example,  CSIS  says  the  less-developed
                                                                 BRI partners’ citizens have an average an-
        In June 2019, the latest figures avail-                  nual income of only $6,312.
        able, Canada was the overall top trading
        partner, with 15.2 percent of total trade,               BRI represents a mamoth business expan-
        $24.8 billion exported to the U.S. and                   sion for China, already the world’s leading
        $27.8 billion in imports, a nearly even                  supplier.  The Initiative will touch some 62
        balance of trade, according to the Census                percent of the world’s population.
        Bureau.
                                                                 BRI,  reports  CSIS,  “could  reconfigure  re-
        The second largest trade partner was                     lationships, reroute economic activity and
        Mexico at 14.8 percent, with $20.7 billion               shift power between and within states.”
        sold to the U.S. and $30.5 billion import-                                                     Next page
        ed to Mexico.
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