I just read an interesting article by John Norris Chief Economist for Morgan Asset Management. He was writting about the domestic manufacturing loss of approx 3mln jobs in the last 5 yrs and how this used to be a political hot button, which he expects it will as we get closer to the 2004 elections. With the dollar at huge lows against other currencies one would think we'd be net seller country but the opposite is true we are a net buyer--and our trade defict is balooning.
The tossed about phrase of the last decade is "free trade" but its really hard to implement, as Wilbur Ross states, "The mantra of "free trade" has hypnotized the Amercian press and a lot of politicians. The problem with free trade isn't the theory. The theory is a right theory. Every country should export whatever it can to make most efficiently. It should import what it can't make efficiently. The unfortunate truth is that everyone uses the slogan "free trade," but its only the US that's been practicing it.