Brief statement from Alliance for American Manufacturing (AAM) Executive Director Scott Paul regarding this morning's latest monthly trade figures:
-The monthly trade deficit in goods and services increased to $42.3 billion (up from $40.3 billion);
-The monthly goods trade deficit with China increased to $22.3 billion (up from $19.3 billion).
Said Scott Paul: "The
widening trade deficit is not only an alarming trend, but also
represents wealth and jobs heading overseas. With unemployment so high,
I would hope that the administration and Congress will take concrete
steps to reduce our trade deficit.
"The best thing Congress and the
administration can do right now is pass legislation that would deter
China from cheating on currency, or would sanction China if its
manipulation continues. The dangerous imbalances that have contributed
so much to global economic instability are roaring back, and American
workers will suffer unless we change course now."
Contact: Steven Capozzola, Media Director, Alliance for American Manufacturing.
The Alliance for American Manufacturing (AAM) is a unique
non-partisan, non-profit partnership forged to strengthen manufacturing
in the United States. AAM brings together a select group of America's leading
manufacturers and the United Steelworkers. Our mission is to promote
creative policy solutions on priorities such as international trade,
energy security, health care, retirement security, currency
manipulation and other issues of mutual concern.
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