Washington, D.C. — The United States goods trade deficit dropped to $83.9 billion in August, a 5.1% reduction from July, the U.S. Census Bureau reported Thursday. The goods trade deficit with China decreased $1.3 billion to $22.7 billion in August.
Alliance for American Manufacturing President Scott Paul said:
“Good exports moved up, and goods imports moved down. That’s good news for manufacturing. But the real bright spot from the trade data is that de-risking is real. Our goods trade deficit with China is down 33% compared to last year at this time.
“We can’t take this progress for granted, however. China’s aim to dominate the global market remains a very real threat. Section 301 tariffs must remain in place, and we must continue to invest in reshoring supply chains.”
Paul called for the federal government to build more domestic manufacturing capacity during a hearing of the House Energy & Commerce’s Innovation, Data and Commerce subcommittee in September. Read his full written and oral testimonies.