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Quotation of the Day…

is from page 155 of the 5th edition (2020) of Douglas Irwin’s excellent book Free Trade Under Fire (footnote deleted; links added):

Although the adverse consequences of the China shock have received enormous attention from economists and the news media, the benefits of increased trade should also be mentioned. Imports from China have helped consumers by making a range of inexpensive goods available to U.S. households, particularly benefiting those with low incomes. One study suggests that Chinese imports have led to a 0.2 percentage point annual reduction in the price index for consumer tradable goods. And for all the discussion of job losses as a result of imports from China, scant attention is paid to the domestic jobs created by exports to China or other countries. One study suggests that the job gains from export expansion largely offset job losses because of Chinese imports.