China trade deficit hits new record in July: Alliance for American Manufacturing (AAM) statement.
The U.S. Department of Commerce released the latest monthly U.S. trade figures this morning.
- The overall monthly U.S. international goods and services trade deficit declined to $40.5 billion in July, down from $40.8 billion in June, revised.
- The monthly U.S. goods deficit with China soared to an all-time high in July of $30.9 billion, up from $30.1 billion in June.
- This is the highest-ever monthly goods deficit with China, and the fourth time that this bilateral trade gap has exceeded $30 billion in one month.
Said Alliance for American Manufacturing (AAM) President Scott Paul:
"The trade deficit is still a significant drag on economic growth and an impediment to a true resurgence in American manufacturing. Our trade deficit with China hit a new monthly record in July. That’s not progress. It’s time to aggressively enforce our trade laws, name China as a currency manipulator, and put in place a strategy to reduce the trade deficit.
“Manufacturing jobs are less than a third of the way back to recovering all of those lost during the Great Recession, and the trade deficit is a primary cause of this underperformance."
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