The Commerce Department released the latest monthly U.S. trade figures Tuesday. The overall goods and services deficit hit $47.1 billion in February, up by $1.2 billion over January.
Chinese imports accounted for 44 percent of the overall U.S. trade deficit and rose this month to $32.1 billion, an increase of $1 billion from January. Meanwhile monthly exports to China ($8.05 billion) were the lowest since April 2011.Chinese imports into the United States also rose this month to $32.1 billion, an increase of $1 billion from January. Meanwhile monthly exports to China ($8.05 billion) were the lowest since April 2011.
Said Alliance for American Manufacturing President Scott Paul:
“The trade deficit gives us some insight as to why so many manufacturing jobs have been shed over the past year, including 29,000 manufacturing jobs in March — and I worry the worst might be yet to come. The trade deficit with China continues to grow to new levels, and today’s numbers show that our trade weakness is not limited to China alone.
"The vast majority of voters across the political spectrum want fair trade practices that promote the hard working makers of America. Our manufacturers and workers shouldn’t be forced to compete against the Chinese government’s interventions and gigantic industrial overcapacity.
“It is time for lawmakers to get serious about boosting exports and stopping the damage from dumped and subsidized imports. Until they do, U.S. factory workers will continue to struggle.”