"This year marks the 15th anniversary of China’s World Trade Organization (WTO) accession. While China’s transformation has accelerated over the past decade and a half, its economic liberalization has fallen far short of global expectations. The reality of the U.S.-China economic relationship, too, has turned out to be much different than many had hoped. In 2015, the U.S. trade deficit with China was $365.7 billion, the highest on record; in the first eight months of 2016, the deficit was $225 billion. The cumulative U.S. trade deficit with China since it joined the WTO is a staggering $3.5 trillion. As it protects its domestic industry from foreign competition, China continues to dump its massive overcapacity in U.S. and other global markets, materially damaging U.S. industries, including steel..."