20:50, 13-Apr-2018
China-US Trade: How US benefits from strong trade ties with China
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Now to trade ties between China and the United States. A research firm - Oxford Economics - says the US sees huge benefits.
It says trade between the two helps each American family save eight-hundred-and-fifty dollars every year. That may sound not like much to some. But last year the US Census reports there are about 126-million households in the US. That translates to more than one hundred and seven billion dollars.
And it's not just households, but higher education. Three-hundred-and-thirty-thousand Chinese students attended American colleges and universities in 2015 -- bringing over ten-billion US dollars in revenue. That accounts for almost a third of the service trade surplus with China that year.
As for tourism, China's share of tourism spending in the US has jumped more than five-fold. A streamlined visa policy could see nearly 6-million Chinese travelers enter the US by 2021, supporting up to more than six-hundred-thousand American jobs.