And Justin Lahart discussed the implications, including higher inflation here, which would not be entirely unwelcome in a still-depressed economy. It should be noted that even these prices are still low— most economists believe China’s prices are manipulating its currency to make its export prices artificially low, though it has let the yuan rise in the last couple of years.

This is good background:

The U.S. imported $399 billion in Chinese goods last year, according to the Commerce Department. That was quadruple the $100 billion imported in 2000, the year prior to China joining the World Trade Organization, and ten times the $39 billion imported in 1994.

Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu.