U.S. raises heat on China to open its economy CBS News • May 7, 2012

That imbalance hinders the U.S. economic recovery by stifling job creation. Between 2001 — when the People’s Republic entered the World Trade Organization — and 2011, America’s trade deficit with China has cost the U.S. 2.8 million jobs, the Economic Policy Institute concluded in a recent report. That includes nearly 2 million manufacturing jobs eliminated or displaced over that period, according to the Washington think tank.