China trade deficit is growing threat to economy
The U.S. international goods and services trade deficit dropped slightly to $43.1 billion in September 2011, down from $44.9 billion in August. The goods deficit with China dipped to $28.1 billion in September from $29.0 billion in August.
Said Alliance for American Manufacturing (AAM) Executive Director Scott Paul:
“The $28.06 billion trade deficit with China in September is disturbing for two reasons. First, high trade deficits lower our economic growth, and we are on pace to set a record annual goods deficit with China. Second, this Administration's China strategy is not working. No amount of jawboning will balance our trade relationship with China--only consequences will make a difference. That's why passing H.R. 639, the Currency Reform for Fair Trade Act, is so important. If a record trade deficit with China is not reason enough for the House to pass this bill, then perhaps a dissatisfied electorate will convince Members of Congress to do the right thing.
“It's clear that China is becoming one of the central issues in the
presidential campaign. Voters in manufacturing states--which make up a
sizable portion of swing states--will be watching to see who is looking
out for their jobs. Mitt Romney is clearly trying to court this vote
with unexpectedly bold positions on China's unfair trade practices.
President Obama, and Romney's republican competition, should all take