The U.S. trade deficit totaled $57.8 billion for October 2007. The U.S. government also revised September's trade deficit to $57.1 billion. Including this month's revised figures, the overall U.S. trade deficit is down 8.25 percent this year compared to last. Nevertheless, the U.S. trade deficit is on track to hit approximately $696 billion in 2007.
The U.S. trade deficit with China in goods, however, jumped to $25.928 billion in October 2007, up 6.3 percent from the $24.397 billion deficit for October 2006.
“As long as China keeps cheating, both the U.S. trade deficit with that country will keep rising and U.S. manufacturing jobs will keep disappearing, said American Manufacturing Trade Action Coalition (AMTAC) Executive Director Auggie Tantillo.
“Both the Democratic leadership in Congress and the Bush Administration's Treasury Department deserve grades of “F” this year for failing to act to stop the problem,” Tantillo continued.
The overall U.S. trade deficit with China grew by $23.84 billion in the first ten months of 2007. The January to October U.S. trade deficit with China totals $213.525 billion, up from $190.722 billion for the same time period last year – an increase of 12 percent. At its current pace, the U.S. trade deficit with China in goods will exceed $260 billion in 2007, dramatically up from last year's record of $232.5 billion.
In the sensitive U.S. government-defined sector of trade called Advanced Technology Products (ATP), the U.S. trade deficit with China was $55.219 billion for the first ten months of 2007. That figure was up from $44.926 billion for the first ten months of 2006, an increase of $10.923 billion (or 22.9 percent). At its current pace, the U.S. trade deficit with China in ATP is projected to run in excess of $65 billion for 2007.
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