'The us should focus on improving its overall economic competitiveness instead of seeking protectionism to combat its economic slowdown,' said the latest 2008 White Paper: American Business in China. And it should not argue for a stronger currency to reduce its trade deficit with China, since the value of the yuan is not the fundamental cause of the deficit,' said the White Paper, which was released by the American Chamber of Commerce (AmCham) China, AmCham Shanghai and AmCham South China Tuesday. The US economy is currently slowing, while its trade deficit with China high, standing at $163.3 billion last year. The deficit has led to protectionism against Chinese goods and investment in the US. The two countries should make 'defending and preserving the openness of the trade relationship a core commitment', the White Paper said. ' Instances of co-operation between China and US far exceed instances of dispute. 'An open US and an open China will lead to sustained benefits for both US companies and citizens back home,' said Harley Seyedin, Chairman of AmCham South China.'