Until about 2000, most workers displaced by trade managed to find new jobs. But that didn’t happen after China was allowed into the WTO. China at the time kept the value of its currency low relative to the dollar, heavily subsidized its exports and had a vast supply of low-wage workers. While some of those factors have since dissipated, they made it hard for U.S. manufacturers to compete. Many closed plants and moved jobs abroad. Another landmark study showed that workers in the Midwest who were most exposed to Chinese competition were unable to recover; some of those regions, which voted heavily for Trump in the 2016 election, are still feeling the effects of lost jobs and wage cuts.
This article provided by Bloomberg News.