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

US merchandise trade with India, 2012–16; Courtesy: USITC

Textiles | On 27th Jul 2017

India becomes US’ 9th largest trading partner in 2016

In 2016, India became the United States’ 9th-largest single-country...

Textiles | On 27th Jul 2017

GST will lead to further increase of MMF prices

The Goods & Services Tax (GST) rolled out on July 1, 2017 is not...

Textiles | On 27th Jul 2017

Global yarn production improved 30% q-o-q in Q1: ITMF

In the first quarter of 2017, global yarn production rose by almost...

Interviews View All

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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

July 2017

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

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

Yes No

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

Yes No

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


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



X