The U.S. trade deficit with China hit a new record in August, rising to $28.96 billion from $26.96 billion.  Said Alliance for American Manufacturing (AAM) Executive Director Scott Paul:

"The record trade deficit with China is the closing argument against China's currency manipulation. The Senate was right to pass legislation that would deter China's currency manipulation. Two things must now happen. First, the House should pass currency legislation as soon as possible. Second, the Treasury Department must name China as a currency manipulator in its next report due on October 15. If America wants to continue to lead the world, we must be strong and stand up to mercantilism. A failure by the Obama Administration and House Republicans to heed this call will result in more job losses and economic decline."