Washington, D.C. – The Commerce Department released the latest monthly U.S. trade figures this morning. The overall monthly U.S. international goods and services trade deficit shrank to $35.4 billion in February, from $42.7 billion in January, revised.
- The monthly U.S. goods deficit with China decreased in February to $27.3 billion, down from $29.3 billion in January.
- The U.S. goods deficit with Japan decreased in February to $4.3 billion, from $6.5 billion in January.
- Year-to-date exports are down $5.3 billion from 2014, a sign that the overly strong dollar is hurting export performance.
Commented Alliance for American Manufacturing President Scott Paul:
“The February trade data reaffirms the persistent and growing manufacturing imbalances we have with countries such as China, Japan, and South Korea. These imbalances cost job opportunities in the United States and remind us of the hurdles we face on our path to a true resurgence in manufacturing. The surge in steel imports is already leading to layoffs nationwide.
“It’s time Congress and the Obama administration stepped up to ensure a level playing field for American workers and businesses. That means passing bipartisan legislation to deter currency manipulation, reforming our trade laws to boost enforcement, and ensuring trade agreements include strong mechanisms to guarantee a level playing field. Perhaps this effort could start with someone in the administration acknowledging that we’ve got an import problem, which so far no one has been willing to do.”
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