The latest monthly U.S. trade figures were released this morning by the U.S. Department of Commerce. The U.S. reached a record new monthly trade deficit with China of $30.1 billion, the first time that the monthly goods shortfall exceeded $30 billion.
- In July, the overall U.S. international goods and services deficit rose to $39.1 billion, up from $34.5 billion in June, revised.
- The monthly U.S. goods deficit with China climbed to $30.1 billion in July, up from $26.6 billion in June.
- The U.S. goods deficit with Japan rose to $6.8 billion in July, up from $5.5 billion in June.
Said Alliance for American Manufacturing (AAM) President Scott Paul:
"Our surging trade deficit with China is one of the key obstacles on the path to a true jobs recovery for American workers. Yet no one in Washington is likely to even notice the fact that the July trade deficit with China was an all-time record. They should, because the trade deficit matters to our economy, and there are steps that Congress and the Administration could take right now to reverse this path."
In a recent op-ed, Paul urged Members of Congress to support newly reintroduced legislation to address currency manipulation by America's trading partners.