"Does the U.S.trade deficit with China ebb and flow?"
In an interview with KGO-ABC Radio San Francisco this morning, Alliance for American Manufacturing (AAM) President Scott Paul was asked whether the U.S. international trade with China simply goes up and down depennding on the shopping season.
Paul said that, unfortunately, America's trade gap with China keeps growing:
2009 $226 billion
2010 $273 billion
2011 $295 billion
2012 projected $ 318 billon
Paul said Americans should be very concerned because this growing trade deficit represents millions of lost U.S. manufacturing jobs. In 2012, an Economic Policy Institute (EPI) study found that the trade deficit with China cost 2.7 million U.S. jobs in the last decade. And, a new analysis finds that trade with China cut U.S. manufacturing jobs by roughly 30% since 2001.
Whats needed are revisions to U.S. trade policy. Paul explained that there are a number of steps the U.S. urgently needs to take in order to strengthen manufacturing and hold countries like China accountable when they violate trade agreements and illegally undervalue their currency.
LISTEN TO THE FULL ABC INTERVIEW. Click here and fast forward to 36:36 into the newshour.
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