I agree with this.
In 2000, Congress made the fateful decision to extend “permanent normal trade relations,” or PNTR, to China. As the economists Justin Pierce and Peter Schott have argued, the permanence of PNTR status made an enormous difference: Without PNTR, there was always a danger that China’s favorable access to the U.S. market would be revoked, which in turn deterred U.S. firms from increasing their reliance on Chinese suppliers. With PNTR in hand, the floodgates of investment were opened, and U.S. multinationals worked hand in glove with Beijing to create new China-centric supply chains. The age of “Chimerica” had begun.
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There is no going back. We can’t rewrite history. A bipartisan coalition promised Americans that granting China PNTR would help ensure our prosperity and that China would soon be transformed from foe to friend, and we were foolish enough to believe them. The question is what we should do now. For starters, I propose admitting that we made a grave mistake.