Continuing high monthly trade deficit with China: Alliance for American Manufacturing (AAM) Statement.

Fri, 01/11/2013

The latest monthly U.S. trade figures were released this morning by the Department of Commerce:

  •  The monthly U.S. international trade deficit in goods and services rose to $48.7 billion in November, up from $42.1 billion in October.
  • The monthly goods deficit with China continues to assume massive proportions, clocking in at $29.0 billion in November, down just slightly from an all-time record of $29.5 billion in October.  

Through November 2012, the annual U.S. goods trade deficit with China stands at $290 billion, poised to shatter 2011's record $295 billion mark.

Said Scott Paul, President of the Alliance for American Manufacturing (AAM):

"Despite talk of a manufacturing renaissance, we will shatter 2011's record $295 billion annual trade deficit with China when the data for December comes in next month. The United States recorded a $29 billion bilateral trade deficit with China in November alone, bringing us to a $290 billion trade deficit with China so far in 2012.

"A recent study by Justin Pierce and Peter Schott ('The Surprisingly Swift Decline of U.S. Manufacturing Employment') confirmed what we have known for some time: our trade deficit with China is draining manufacturing jobs from the United States. Unless we take aggressive steps to act in our own national interest, manufacturing in America will never reach its full potential. That means aggressive trade enforcement and ending China’s currency manipulation and other market-distorting practices.

"I want to see reshoring accelerate from a trickle to a trend. We won’t get there unless trade with China comes into balance."

 

 

@KeepitMadeinUSA on Twitter

  • A good sign? More laid-off workers are finding jobs in their fields. http://t.co/0Y85kwE4AQ 30 min 16 sec ago
  • .@royhouseman from @steelworkers talked about what's next for #SOSJobs on @BloombergNews. Check it out: http://t.co/oeyPmhpOMJ 1 hour 15 min ago
  • ICYMI: Our @ScottPaulAAM chatted w/ @EdShow about why it's so vital we level the playing field for U.S. tire makers. http://t.co/WRbHIx1XC5 1 hour 32 min ago
  • Obama admin placed tariffs on China-made tires, but expired. Hope tariffs are put back in place, but we also must be more proactive. #edshow 17 hours 39 sec ago
  • Countries like China subsidize tires they produce. Tariffs level the playing field for U.S. manufacturers & workers, says @ScottPaulAAM. 17 hours 2 min ago
  • "Tariffs help to level the playing field -- nothing more and nothing less." -@ScottPaulAAM 17 hours 3 min ago
  • On @EdShow NOW: Unfair trade practices mean tire manufacturing workers are struggling to keep their jobs... 17 hours 4 min ago
  • Our @ScottPaulAAM will be on the @EdShow in the next segment... tune in NOW! 17 hours 15 min ago
  • .@royhouseman on Taking Stock @pimmfox: U.S. steel producers can compete in a growing market as long as the playing field is level #SOSjobs 17 hours 39 min ago
  • If domestic OCTG producers can compete in a growing market it will provide the an opportunity for significant growth. -@royhouseman #SOSjobs 17 hours 42 min ago