Washington, D.C. – The United States goods and services trade deficit lowered to $69 billion in May, decreasing $5.5 billion from April’s deficit of $74.4 billion, the U.S. Census Bureau reported Thursday. However, the U.S. goods trade deficit with China increased $5 billion, rising to $25 billion in May.
Alliance for American Manufacturing President Scott Paul said:
“While the trade deficit with China is down year over year, this month’s rise is alarming — and we remain concerned about the CCP’s plans to boost growth through exports. That has always meant more dumping, endangering the progress made in reshoring critical industries like semiconductors.
“Modernizing trade tools will be an important defense. Congress should pass the Leveling the Playing Field Act 2.0 to equip American workers to take on some of China’s most egregious trade practices. As diplomatic and trade negotiations restart, policymakers must push back.”