China is now the world's largest manufacturer of passenger vehicles.
The U.S. share of global passenger vehicle production fell by almost half from 1999 to 2008 (15 percent to 8 percent), as the Chinese share rocketed from less than 2 percent to nearly 13 percent, making China now the world's largest manufacturer of passenger vehicles. The United States' longtime strength in machine tools has evaporated, with U.S. production of machine tools falling to 5 percent and China's rising to 35 percent. While manufacturing is hard hit, isn't the U.S. high-tech industry doing well? Not really. After running a trade surplus for decades in high-tech products, the United States began to run a trade deficit in this sector in the 2000s.