The latest monthly U.S. trade figures were released this morning by the U.S. Department of Commerce. The U.S. clocked its highest ever monthly goods trade deficit with China: $30.5 billion.
- In September, the overall U.S. international goods and services trade deficit rose to $41.8 billion, up from $38.7 billion in August, revised.
- The monthly U.S. goods deficit with China climbed to $30.5 billion in September, up from $29.9 billion in August.
- The U.S. goods deficit with Japan declined to $5.5 billion in September, down from $6.4 billion in August.
Said Alliance for American Manufacturing President Scott Paul:
All the trade talk in Washington is focused on completing new trade agreements, yet we have this glaring problem that virtually no one is talking about: the record-setting trade deficit with China.
Today's trade data show that the challenges with China in particular are growing worse, not better. I'm very pleased that Treasury Secretary Lew has noted the trade imbalance with China and other nations during his trip to Asia this week. But actions matter even more. Not naming China as a currency manipulator was inexcusable. Tongue-lashings won't work, but a credible threat of sanctions will.
There's a finite amount of time and attention that the Administration and Congress can spend on international trade matters. The evidence shows that this time would be better spent on enforcement actions against countries with persistently high trade barriers, subsidies, and current account surpluses. We're going to work to ensure that Congress and the Administration get that message.
In a recent op-ed published in IndustryWeek, Paul urged Washington to focus on a jobs plan that includes trade enforcement as well as steps to ramp up domestic manufacturing.