Home / Knowledge / News / $256 bn US trade deficit with China sets dubious new record
$256 bn US trade deficit with China sets dubious new record
15
Feb '08
The U.S. government reported that although the overall U.S. trade deficit fell from $758.5 billion in 2006 to $711.6 billion in 2007, the U.S. trade deficit with China spiked to $256.2 billion in 2007, smashing the previous year's record of $232.5 billion.

For manufactured goods, the U.S. trade deficit was $499 billion in 2007, dropping slightly from the 2006 total of $526 billion. Although data detailing the U.S. trade deficit with China for those products has yet to be released this morning, it is expected to exceed $250 billion. As a result, trade deficits with China now will account for more than 50 percent of the U.S. trade deficit in manufactured goods, up from 27 percent in 2001.

“Although the overall U.S. trade deficit fell slightly due to the slowing U.S. economy and the steep decline in value of the U.S. dollar, the U.S. trade deficit with China still spiraled out of control,” said American Manufacturing Trade Action Coalition (AMTAC) Executive Director Auggie Tantillo.

“U.S. manufacturing is drowning in the red ink of the U.S. trade deficit with China. Clearly, the $1.2 trillion cumulative trade deficit in manufactured goods that the United States has run with China since 2001 correlates directly to many of the 3.4 million U.S. manufacturing jobs lost during that same time period,” Tantillo continued.

“Swift action from Congress is needed to stanch the hemorrhaging of U.S. manufacturing jobs lost to predatory imports from China. The offshoring of key U.S. industrial sectors will keep accelerating unless Congress steps in and stops China from illegally subsidizing their exports to our market,” Tantillo added.


Must ReadView All

EU renews GSP+ scheme for Pakistan 2 years

Apparel/Garments | On 24th Feb 2018

EU renews GSP+ scheme for Pakistan 2 years

Pakistani exporters can enjoy preferential duties on exports to the...

Surat wary of e-way bills

Textiles | On 24th Feb 2018

Surat wary of e-way bills

There is no respite for Surat’s textile manufacturers and retailers....

Retailers choose sides in Alibaba-Tencent battle in China

Apparel/Garments | On 24th Feb 2018

Retailers choose sides in Alibaba-Tencent battle in China

Two big Chinese firms— Alibaba Group Holding Ltd and Tencent Holdings ...

Interviews View All

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search