Tuesday, July 16, 2013

China Is Expected To Overtake America As The World's Biggest Importer In 2014

"For much of the past century, the United States has been the world's largest importer and exporter. This is what you may have expected from the world's dominant economy. But our days of preeminence are fading fast. In 2009, China surpassed the United States as the world's leading export nation (America is currently in third, behind Germany). As a small consolation, the U.S. still leads the world in exports of government debt. In February of this year, China became the world's largest trading nation (which is determined by combining imports and exports). And sometime in 2014, China is expected to overtake America as the world's biggest importer." - an excerpt from the Global Economic Realignment

Peter David Schiff is an investment broker, author and CEO of Euro Pacific Capital Inc. Schiff is known for his bearish views on the US economy and US dollar, and his bullish views on commodities, foreign stocks and foreign currencies