September 4, 2013: Trade Deficit with China reaches $30.1 billion and more
Today we’ve got a new set of trade figures from the Commerce Department to pore over, a month after America’s monthly trade deficit shrank to an almost four-year low.
Unfortunately, the news isn’t as rosy this time around: The trade gap widened in July to $39.1 billion, reports Bloomberg’s Victoria Stilwell.
But there’s a big, glaring reason why: Our continuing trade deficit with China, which hit a one-month record of $30.1 billion.
Said Scott Paul, president of the Alliance for American Manufacturing (AAM):
The 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 trade deficit matters to our economy, and there are steps that Congress and the Administration could take right now to reverse this path.
Read the full statement from AAM.
Elsewhere around the web:
Scott Paul appeared on the Bill Press Show this morning with American Made Movie filmmaker Nathan McGill. You can hear the segment at mark 1:35:00.
The Institute for Supply Management released new data on the manufacturing sector that showed a five-point growth in new orders, Christopher Rugaber reports for AP, but production increased at a slower rate than July and U.S. factories added jobs at a weaker rate.
Commerce Undersecretary Francisco Sanchez, a top trade official in the Obama administration, will step down this fall, writes Politico’s Doug Palmer. Sanchez has been a key person in President Obama’s export initiative.
Later this morning, Scott Paul will be on Labor Lines, a radio show broadcasting in New York City and Long Island that covers labor news, to discuss the current state of U.S. manufacturing. Click here to listen to the show.
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