Trading with China By lfaigen Jan 1, 1810 Trading with China begins (via Turkey) Around 1810, Philadelphia merchants found a source of opium in Smyrna (Turkey) and they began to ship this commodity to China. Period: Jan 1, 1810 to Dec 31, 1830 Opium from Turkey is biggest "American" export A source of opium in Smyrna (Turkey) and America began to ship this commodity to China. Period: Jan 1, 1822 to Dec 31, 1860 Tea and Cloths are biggest Chinise exports Initially, American imports from China largely consisted of cloth (nankeen and silk) as well as tea. Tea became the dominant commodity, expanding from approximately 36% of the total imports from China in 1822 to 65% in 1860. Jan 1, 1830 China and USA begin domestic product trading By the 1830’s, trade routes were well established between the United States and China, and the names of ports in the Eastern hemisphere, once exotic and mysterious, were becoming increasingly familiar to Americans as places of importance to the United States’ economy. Jan 1, 1850 New York becomes a major port Ships from New York seem to have engaged in a broad range of trade strategies available and in the mid-19th century, New York became the major port involved in the China trade. Jan 1, 1890 Trading with China slows 1890s, by which time England, Spain, France, Germany, and Russia had all gained a firm foothold in the China trade. When the defeat of the Spanish fleet at Manila in 1898 provided the opportunity to take control of the Philippines, American business lobbied for American rule there. They believed that an American presence in the Philippines would help American businessmen compete in China where foreign countries were increasingly carving out areas of economic dominance. Jan 1, 1970 Trading with China begins again With the reopening of China to trade in the last quarter of the 20th century, American businessmen have again approached China as a market with great potential. This time, China is not adverse to trade but two factors – a population with little disposable income and a governement that is protecting the development of its economy – has led again to a significant trade imbalance and to questions of how to deal with this issue. Jan 1, 2001 China joins the World Trade Organization Since China entered the World Trade Organization in 2001, the extraordinary growth of trade between China and the United States has had a dramatic effect on U.S. workers and the domestic economy, though in neither case has this effect been beneficial