AMTAC says US foreign trade deficit with China touches a new high
10 Nov '06
3 min read
The U.S. foreign trade deficit with China hit a new record high of $23.0 billion for the month of September the U.S. government reported. The U.S. foreign trade deficit with China has totaled $166 billion for the first three quarters of 2006.
At its current pace, America's foreign trade deficit with China will be $222 billion – smashing last year's dismal record of $202 billion.
This follows yesterday's news that the Chinese government reported a record $23.8 billion surplus with the World in October. China is now forecast to run a $170-$200 billion trade surplus with the World for 2006.
“This record shouldn't surprise anyone. China cheats to gain every advantage it can over U.S. manufacturers,” said American Manufacturing Trade Action Coalition (AMTAC) Executive Director Auggie Tantillo.
“China manipulates its currency, subsidies its exports, and provides every incentive it can to entice U.S. producers to move to China. In fact, China's foreign currency reserves just hit $1 trillion!"
"By refusing to level the playing field, the U.S. government is allowing China to seize our market share by subsidizing U.S. importers at the expense of domestic American manufacturing,” Tantillo continued.
“Tuesday's election booted many incumbents who refused to address the offshoring of American jobs to countries like China."
"We hope the new Congress will act where the previous failed and take up measures like the anti-currency manipulation legislation proposed by Senator Jim Bunning of Kentucky and Congressmen Tim Ryan of Ohio and Duncan Hunter of California designed to blunt the subsidy advantage held by foreign producers over their domestic American counterparts,” Tantillo concluded.
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