Yes, America’s trade deficit with China just rose AGAIN.
For those of us who track the monthly U.S. trade deficit with China, this morning marked the start of the "new year."
How's that, you ask?
Well, the monthly trade deficit data compiled by the Commerce Department actually comes out two months behind. So, this morning's report officially tallied imports and exports for January 2013.
The report offered a less than encouraging start for 2013. As Ian Talley reported for Dow Jones Business News, the U.S. trade deficit with China jumped 14% from the previous month:
The U.S. trade gap with China grew to $27.8 billion from $24.45 billion the month before, as imports surged and exports fell. While not a record, it is 6% larger than last year's historically high average deficit with the country of $26.3 billion.
Talley said the increase can only add urgency to calls for action on China's undervalued currency:
A near-14% jump in the U.S. trade deficit with China in January may bolster calls by American lawmakers to press China on its trade and currency practices.
Specifically, Talley quoted Alliance for American Manufacturing (AAM) President Scott Paul:
"We're headed in the wrong direction," said Scott Paul, president of the Alliance for American Manufacturing. "The rising trade deficit with China is not a good sign for reshoring of manufacturing jobs," he said.
Mr. Paul's organization Thursday reiterated its calls for the administration to strengthen enforcement of trade laws and combat currency manipulation. "The president should convene a multilateral meeting to address global imbalances and, in particular, China's mercantilism," the group said in its recently released "Blueprint for Manufacturing."
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