The trade relationship between the U.S. and China.

From the New York Times:

China . . . has become the world’s factory while the United States has lost millions of manufacturing jobs. The trade deficit with China was a record $268 billion in 2008.

[T]he United States buys $4.46 worth of Chinese goods for every $1 worth of American goods sold to China.
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Also see the Wall Street Journal article on the U.S. and China trade sparring that began Friday with tires from China and yesterday extended to American poultry and automotive parts.