Highest Monthly Trade Deficit with China on Record: AAM Statement

Tags Trade

Washington, D.C. – The U.S. Department of Commerce released the latest monthly U.S. trade figures this morning. The overall monthly U.S. international goods and services trade deficit widened to $43 billion in September, from $40 billion in August, revised.

  • The monthly U.S. goods deficit with China  soared in September to $35.6 billion, up from $30.2 billion in August. 
  • This is the highest-ever monthly goods deficit with China, and the sixth time that this bilateral trade gap has exceeded $30 billion in one month.
  • The U.S. goods deficit with Japan rose in September to $5.3 billion, from $4.7 billion in August.

Commented Alliance for American Manufacturing President Scott Paul:

Our economy becomes more overleveraged with imports from China every year. Right now, that bilateral trade deficit is one of the largest drags on the GDP and jobs in the productive sector.

Imagine the economic growth and jobs potential if exports and imports were more in line — we might actually see a real manufacturing resurgence. The first test comes next week when President Obama visits China. Will he 'get tough with China' as he has frequently promised, or will we see more of the same? 

President Obama will visit China next week on the heels of the highest monthly trade deficit on record with the world's second largest economy and after declining for the 12th time to name China a currency manipulator in Treasury’s semi-annual exchange rate report. 

Read Scott Paul in the Huffington Post: Will the Obama Administration 'Passively' Let More Jobs Go Offshore?