This morning, the U.S. Department of Commerce released its annual U.S. trade figures for 2013.
- America's goods trade deficit with China set a new record in 2013 for the fourth straight year, climbing from $315.1 billion in 2012 to $318.4 in 2013.
- Overall, theU.S. international goods and services trade deficit declined to $471.5 billion in 2013, from $534.7 billion in 2012.
- The U.S. non-petroleum goods trade deficit rose from $438.4 billion in 2012 to $456.4 billion in 2013.
Said Alliance for American Manufacturing (AAM) President Scott Paul: "Even America’s emerging energy trade advantage can’t mask the damage done by our record trade deficit with China. Since 2009, the trade deficit with China has risen by 40%.
“President Obama promised to hold China accountable. He hasn’t. The White House last month said President Obama would use his pen and his phone to make progress on economic issues. He could start today by signing an order to designate China as a currency manipulator. Then, he could call the Chinese leadership to demand an end to that practice, and secure an agreement on a plan to cut this deficit in half over the next three years.
“The trade deficit is more than a number. It represents a shrinking middle class, fewer good job opportunities, and further proof that our economic policies—including a lack of enforcement of existing trade laws—contribute to outsourcing. That’s no record to be proud of.”