U.S. monthly trade deficit increases, China deficit on record pace: Alliance for American Manufacturing (AAM) Statement
U.S. Trade Deficit Grows in November. Goods Deficit with China on Pace to Break Annual Record.
Figures released this morning by the U.S. Department of Commerce show that the U.S. international trade deficit in goods and services increased to $47.8 billion in November 2011, from $43.3 billion in October. The goods deficit with China fell to $26.9 billion from $28.1 billion in October.
Said Scott Paul, Executive Director of the Alliance for American Manufacturing (AAM):
"A growing trade deficit is bad news for our economy. But we won't hear even a whisper about this on the campaign trail.
"Like the federal budget, our trade deficit must be financed. Every month that we run a trade deficit means that this burden only grows larger.
"China is the source of our largest bilateral trade deficit, and in November it clocked in at $26.9 billion. We are on pace for a record annual trade deficit with China in 2011. That's not good news for American workers, our fiscal position, or our strategic interests.
"Several press reports have indicated that the Obama administration is considering a high-level task force to manage China trade enforcement issues. Such a task force is desperately needed and long overdue. The challenge will be ensuring that the task force has the authority to take bold steps to lower our trade deficit with China. The Alliance for American Manufacturing (AAM) looks forward to making that case to the administration over the coming weeks."