Annual U.S. trade deficit with China sets new record in 2013: Alliance for American Manufacturing (AAM) Statement.

Thu, 02/06/2014

This morning, the U.S. Department of Commerce released its annual U.S. trade figures for 2013.

  • America's goods trade deficit with China set a new record in 2013 for the fourth straight year, climbing from $315.1 billion in 2012 to $318.4 in 2013.
  • Overall, the U.S. international goods and services trade deficit declined to $471.5 billion in 2013, from $534.7 billion in 2012.
  • The U.S. non-petroleum goods trade deficit rose from $438.4 billion in 2012 to $456.4 billion in 2013.

Said Alliance for American Manufacturing (AAM) President Scott Paul:

"Even America’s emerging energy trade advantage can’t mask the damage done by our record trade deficit with China. Since 2009, the trade deficit with China has risen by 40%.

“President Obama promised to hold China accountable. He hasn’t. The White House last month said President Obama would use his pen and his phone to make progress on economic issues. He could start today by signing an order to designate China as a currency manipulator.  Then, he could call the Chinese leadership to demand an end to that practice, and secure an agreement on a plan to cut this deficit in half over the next three years.

“The trade deficit is more than a number. It represents a shrinking middle class, fewer good job opportunities, and further proof that our economic policies—including a lack of enforcement of existing trade laws—contribute to outsourcing. That’s no record to be proud of.”

READ a fact sheet on new national polling that shows why voters blame Washington for weak job growth.

 

 

 

 

@KeepitMadeinUSA on Twitter

  • RT @ebrotherton: Manufacturing sector added 28,000 jobs in July. Best showing since November 2013. But more work to do: http://t.co/GAP8HEE… 23 min 20 sec ago
  • Manufacturing punched above its weight in July. Rebound in the sector possible. But we still have a long way to go: http://t.co/W2RQm9xwMH 38 min 48 sec ago
  • RT @tlanddc: Adding +28,000k manufacturing jobs, closest @BarackObama has come to keep on track with his goal of 1M by end of second term #… 54 min 14 sec ago
  • #AAMeter RT @ScottPaulAAM The auto sector accounted for over half of #manufacturing job growth in July: 14.6k of 28k total jobs added. 54 min 25 sec ago
  • 28K new manufacturing jobs in July the 2nd time in Obama's 2nd term job numbers on target to hit Obama's 1 million new jobs goal. #AAMeter 1 hour 12 min ago
  • RT @ScottPaulAAM: Good backward revisions to #manufacturing. 15k in May, 23k in June. Overall, we're at 12.16 million #mfg jobs. (pre-reces… 1 hour 17 min ago
  • The 28,000 new manufacturing jobs in June is the best number since November 2013. #AAMeter 1 hour 21 min ago
  • WOW: 28,000 new manufacturing jobs were created in July. Obama needs 28,133 jobs per month to hit his 1 million jobs goal. #AAMeter 1 hour 23 min ago
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  • RT @MarkRuffalo: Tesla and Panasonic Agree to Build Factory in U.S. http://t.co/xyLIV7IFyj Renewable energy brings manufacturing back to USA 2 hours 57 min ago