The latest monthly U.S. trade figures were released this morning by the Department of Commerce:
- The monthly U.S. international trade deficit in goods and services rose to $42.2 billion in October, up from $40.3 billion in September.
- The goods deficit with China continued its rapid ascent, rising to $29.5 billion in October, up from $29.1 billion in September. This is the largest single monthly goods deficit with China in U.S. history
Said Scott Paul, Executive Director of the Alliance for American Manufacturing (AAM):
“There’s no doubt that our nation is on a fiscally unsustainable path. But when we continue to pile up trade deficits, it makes the job of balancing the books even more difficult.
“No one in Washington seems to notice that we are on pace for another record-breaking year…and not in a good way.
“Our trade deficit with China shows no signs of abating. I think it’s well past time to shelve the idea of simply doubling exports. Instead, we need a national strategy to dramatically reduce our trade deficit.”
The Alliance for American Manufacturing is a non-profit, non-partisan partnership formed in 2007 by some of America’s leading manufacturers and the United Steelworkers to explore common solutions to challenging public policy topics such as job creation, infrastructure investment, international trade, and global competitiveness. For more information, please visit www.americanmanufacturing.org.