China trade deficit on pace for new record, but will anyone notice? Alliance for American Manufacturing (AAM) Statement.
The latest monthly U.S. trade figures were released this morning by the U.S. Department of Commerce.
- In October, the overall U.S. international goods and services trade deficit declined to $40.6 billion, from $43.0 billion in September, revised.
- The monthly U.S. goods deficit with China was $28.9 billion in October, down slightly from an all-time high of $30.5 billion in September.
- The U.S. goods deficit with Japan rose to $6.4 billion in October, up from $5.5 billion in September.
- America's 2013 year-to-date trade deficit with China of $267.0 billion is running ahead of 2012's year-to-date balance of $261.6 billion.
Said Alliance for American Manufacturing (AAM) President Scott Paul:
"One way that Beijing has been able to expand its military budget is through its accumulated trade surpluses with the United States. We’re right to complain about an air defense zone. But if we want China to know that we’re serious about challenging its aggressive behavior, we need to change our economic policies that have enabled it. Unfortunately, limiting our trade deficit with China seems to have fallen off of everyone's radar, including the Administration’s.
"As he visits Beijing this week, Vice President Biden should make clear that any effort toward a completed Trans-Pacific Partnership (TPP) with East Asian nations will only come to pass when the agreement firmly addresses the currency undervaluation that allows both China and Japan to continue to rack up trade surpluses each month.
"We are on pace toward another record annual trade deficit with China, alongside a rising trade deficit with Japan. Congress must strengthen the Administration's hand by passing currency legislation that already enjoys strong bipartisan support in both the House and Senate."