U.S. trade deficit with China continues on record pace: Alliance for American Manufacturing (AAM) Statement.
This morning, the U.S. Department of Commerce released the latest monthly U.S. trade figures.
In November, the overall U.S. international goods and services trade deficit fell to $34.3 billion, from $39.3 billion in October, revised.
- The monthly U.S. goods deficit with China was $26.9 billion in November, down from $28.9 billion in October.
- The U.S. goods deficit with Japan was $5.8 billion in November, down from $6.4 billion in October.
- America's 2013 year-to-date trade deficit with China of $293.9 billion is running ahead of 2012's year-to-date balance of $290.6 billion.
Said Alliance for American Manufacturing (AAM) President Scott Paul:
"Our trade deficit with China continues on a record pace for 2013 and remains a tremendous drag on economic growth while stifling future job opportunities. Two efforts could go a long way toward lowering the manufacturing trade deficit: Passing bipartisan currency reform legislation in Congress, and ensuring that the proposed Trans-Pacific Partnership (TPP) clearly bans trade-distorting currency manipulation.
"A strong manufacturing base in America depends on balanced trade, which is why we need the administration and Congress to more aggressively push back against unfair trade practices overseas."