It\u2019s no secret. \u00a0Our President is obsessed<\/strong> with it. \u00a0Chinese companies are taking American manufacturing jobs.<\/span><\/p>\n The trade deficit is real and it is crippling the United States. \u00a0The gap between goods imported from China to the United States and American goods exported to China is all the way up to<\/span> $375.2 billion<\/span><\/a>, which is the highest it has ever been.\u00a0\u00a0<\/span><\/p>\n How has the gap grown so significantly<\/strong>?<\/span><\/p>\n<\/div>\n Most economists agree that the trade gap is due in large part to two main factors: lower worker wages and favorable exchange rate.<\/p>\n Certainly in some industries these two factors might explain the Chinese trade advantage. \u00a0\u00a0After all, it is no secret the Chinese wages are lower than American wages.\u00a0However, one industry that it is definitely not true for is the thermal transfer ribbon business.<\/a>\u00a0\u00a0<\/span><\/p>\n Instead, Chinese ribbon manufacturers have found another way to undercut American businesses: tax breaks, import loopholes, and government subsidies<\/strong>. \u00a0<\/span><\/p>\n<\/div><\/div>![\"\"](\"https:\/\/www.smithcorona.com\/blog\/wp-content\/uploads\/2022\/09\/how-china-is-killing-another-american-industry-hero-splash.png\")
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