Record 2010 trade deficit with China
The 2010 annual trade figures for the U.S. were released today. They show a $497 billion trade deficit in goods and services, including a new record $273 billion goods deficit with China.
Said Alliance for American Manufacturing (AAM) Executive Director Scott Paul:
"A record trade deficit with China does not put us on a path to win the future. It will be hard to get our unemployment rate down if our trade deficit keeps going up. And while I am all in favor of doubling exports, it is a meaningless benchmark unless we also bring down our trade deficit. Instead, our global trade deficit is growing at an alarming and unsustainable rate.
"China now accounts for 75% of our overall non-petroleum goods deficit, yet I have seen little attention paid to it from this Administration, and even less from the new majority in the House of Representatives.
"We commend the authors and cosponsors of bipartisan legislation to deter China from manipulating its currency, and we hope the House and Senate will swiftly pass it, as one step towards a healthier trade policy.
"The primary obstacle to achieving substantial economic growth in America is the size of our trade deficit. I only wish that our elected officials felt as strongly about our trade deficit as they do about the budget deficit."
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