China: the $30.1 billion currency manipulator
In July, the trade deficit in the U.S. widened as a result of importing more fuel and automobiles. An increase in consumer spending is one sign that the U.S. economy is picking up. But while consumer spending increased in July, so did the U.S. trade deficit with China, which increased to an unprecedented monthly figure of $30.1 billion.
You read that right: The U.S. imported $30.1 billion from China more than it exported in just ONE month. Alliance for American Manufacturing (AAM) President Scott Paul commented:
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.
But how does the trade deficit with China continue to widen with every month? China uses a variety of tactics to make their goods inexpensive and easy to export to the world’s largest economy. Among subsidies and poor working conditions, China manipulates its currency to make it goods cheaper and easier to sell in the global economy.
China continues to play by its own rules at the expense of American companies and jobs. Thousands have lost their jobs due to currency manipulation by China.
So why hasn’t Washington responded? Currency manipulation has been a hot topic for many years in Washington, but the House and the Senate can’t seem to pass a bill on currency manipulation in the same year. Let’s hope 2013 is different.
Urge your representative to sign HR 1276, a bill in the House of Representatives that would punish China for its currency manipulation.
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