According to a report released by the Federal Reserve Bank of San Francisco in August 2011, imports in the United States amounted to about 16 percent of gross domestic product in 2010; imports from China accounted for only 2.5 percent. And services provided in the United States associated with goods labeled “Made in China” account for more than half of the average dollar spent on Chinesemade goods.

“Although globalization is widely recognized these days, the U.S. economy actually remains relatively closed,” wrote the report’s authors, Galina Hale and Bart Hobijn. “The vast majority of goods and services sold in the United States is produced here.” The authors continue: “Obviously, if a pair of sneakers made in China costs $70 in the United States, not all of that retail price goes to the Chinese manufacturer.

In fact, the bulk of the retail price pays for transportation of the sneakers in the United States, rent for the store where they are sold, profits for shareholders of the U.S. retailer and the cost of marketing the sneakers.” China’s economic boom could be showing signs of slowing. According to a recent report from Bloomberg News, data suggests that manufacturing in China might contract for a third straight month.

Also, data from the Chinese government shows import growth slowed in December compared to the three months prior, which could mean that domestic demand is decreasing.

Despite this trend, many Americans are concerned about China's growing economic power. According to a poll conducted in December by the Pew Research Center, 59 percent of respondents said that competition from China poses a major threat to the United States.