Copper has more than doubled as a share of total import value during this time as well.

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Met coal imports increased by whopping 175%, making 43.6 million tons of the 140 million tons of total import.

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In other words, if the price of Chinese goods to American consumers increased by 21 percent (on average) and Americans reduced their consumption of Chinese goods by less than 21 percent, then demand would be considered inelastic, the price effect would dominate, and total import value would rise (adding to the trade deficit).

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For example, the U.S. Strategic Petroleum Reserve has the ability to supply total U.S. oil import needs for approximately 80 days.

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One more doubling of import demand and China will be wanting to import 600 million tons per year, about the total amount of coal exported by all exporting nations last year.

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The import market accounts for around 500, 000 out of total sales of 3.5 million, according to Anfavea and the Brazilian Auto Importers Association, Abeiva.

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And 80% of America's total trade is conducted by just 1% of firms that export or import.

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Today a large percentage of the "import brand" share of the U.S. market -- more than 50 percent of the total light-vehicles sold here -- are vehicles built by Americans in foreign-managed factories on U.S. soil.

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