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US-China trade deficit records red ink figure
12 Jan '08
3 min read
The U.S. trade deficit with China jumped to $24.0 billion in November 2007, up 4.3 percent from the November 2006 deficit of $23.0 billion. Through the first eleven months of 2007, the U.S. trade deficit with China is $237.5 billion, up 11.1 percent from $213.7 billion from the same time period for 2006.
At its current pace, the U.S. trade deficit with China is on pace to reach approximately a record $260 billion for 2007, as the December 2007 trade numbers will not be posted until mid-February 2008.
The overall U.S. trade deficit totaled $63.1 billion for November 2007 and is on pace to hit the $710 billion range for 2007.
Noting that the United States lost 212,000 manufacturing jobs in 2007 and has lost 3.262 million manufacturing jobs since 2001, American Manufacturing Trade Action Coalition (AMTAC) Executive Director Auggie Tantillo said, "The spiraling trade deficit with China must be stanched right now if the United States is to stop its hemorrhaging of manufacturing jobs."
"China is boosting its exports through the manipulation of its currency and VAT tax system. It also rapidly is becoming the largest polluter in the world -- all just to gain a price advantage over their U.S. competitors. The only way to stop China from cheating and engaging in mercantilist trade policies is for Congress to take swift action. Only Congress truly can level the playing field for U.S. manufacturers," Tantillo continued.
"Upon its return next week Congress immediately should take up and pass the Ryan-Hunter anti-currency manipulation legislation," said Tantillo. "By keeping its currency undervalued, China enables its manufacturers to gain a substantial price advantage over their U.S. competitors. China's blatant currency manipulation is a clear case of an illegal export subsidy," Tantillo added.
At its current pace, the U.S. trade deficit with China is on pace to reach approximately a record $260 billion for 2007, as the December 2007 trade numbers will not be posted until mid-February 2008.
The overall U.S. trade deficit totaled $63.1 billion for November 2007 and is on pace to hit the $710 billion range for 2007.
Noting that the United States lost 212,000 manufacturing jobs in 2007 and has lost 3.262 million manufacturing jobs since 2001, American Manufacturing Trade Action Coalition (AMTAC) Executive Director Auggie Tantillo said, "The spiraling trade deficit with China must be stanched right now if the United States is to stop its hemorrhaging of manufacturing jobs."
"China is boosting its exports through the manipulation of its currency and VAT tax system. It also rapidly is becoming the largest polluter in the world -- all just to gain a price advantage over their U.S. competitors. The only way to stop China from cheating and engaging in mercantilist trade policies is for Congress to take swift action. Only Congress truly can level the playing field for U.S. manufacturers," Tantillo continued.
"Upon its return next week Congress immediately should take up and pass the Ryan-Hunter anti-currency manipulation legislation," said Tantillo. "By keeping its currency undervalued, China enables its manufacturers to gain a substantial price advantage over their U.S. competitors. China's blatant currency manipulation is a clear case of an illegal export subsidy," Tantillo added.
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