The latest monthly U.S. trade figures were released this morning by the U.S. Department of Commerce:
- In June, the overall U.S. international goods and services deficit fell to $34.2 billion, down from $44.1 billion in May.
- The monthly U.S. goods deficit with China dropped to $26.6 billion in June, down from $27.9 billion in May.
- The U.S. goods deficit with Japan rose to $5.5 billion in June, up from $5.4 billion in May.
Said Alliance for American Manufacturing (AAM) President Scott Paul:
"The trade deficit is still too high, but in June, at least, it was headed in the right direction: down.
"I’m encouraged by the increase in advanced technology product exports, but my optimism is tempered by a growing trade deficit with Japan and a stubbornly high trade deficit with China.
"Imagine what U.S. job and GDP growth would look like with a more balanced trade account. We wouldn’t be in the midst of a jobs crisis."
In a recent op-ed, Paul urged Members of Congress to support newly reintroduced legislation to address currency manipulation by America's trading partners.