New Trade Data Shows Soaring August Deficit in Wake of China’s Devaluation
October 16, 2015 | AAMEstimated reading time: 1 minute
The Commerce Department released the latest monthly U.S. trade figures Tuesday. The overall monthly U.S. international goods and services trade deficit increased 16 percent in August to $48.3 billion, from $41.8 billion in July, revised. Exports dropped 2 percent and imports rose 1.2 percent in July.
“Our monthly trade deficit with China surged to $35 billion in August, the same month in which China devalued the yuan. It’s no coincidence that manufacturing layoffs and factory closures have been announced at a more rapid pace these days: We simply aren’t competing on a level playing field.
Until American workers and businesses can combat currency manipulation and ensure that countries like China honor all of their trade commitments, expect this to be the norm.
The good news is that there are opportunities to make progress in the coming days. Congress has a bill to strengthen trade enforcement and combat currency manipulation in conference, but it has stalled. All indications are that the newly announced TPP won’t include enforceable measures against currency manipulation, but Congress could insist on them as a condition to approve the TPP. Let’s hope that these bipartisan efforts get moving again," said Alliance for American Manufacturing President Scott Paul.
Suggested Items
iNEMI Names Grace O'Malley CTO
05/02/2024 | iNEMIThe Board of Directors of the International Electronics Manufacturing Initiative (iNEMI) has named Grace O'Malley Chief Technical Officer (CTO).
Intel Takes Next Step Toward Building Scalable Silicon-Based Quantum Processors
05/02/2024 | BUSINESS WIRENature published an Intel research paper, “Probing single electrons across 300-mm spin qubit wafers,” demonstrating state-of-the-art uniformity, fidelity and measurement statistics of spin qubits.
ZESTRON Academy Launches 2024 Advanced Packaging & Power Electronics Webinar Series
05/01/2024 | ZESTRONZESTRON, the leading global provider of high-precision cleaning products, services, and training solutions in the electronics manufacturing and semiconductor industries, proudly announces the launch of its highly anticipated webinar series on Advanced Packaging & Power Electronics, a webinar series on the latest innovations, cleaning, and corrosion challenges.
NextFlex Convenes the Hybrid Electronics Community at Binghamton University
05/01/2024 | NextFlexBinghamton University hosted the NextFlex hybrid electronics community on April 18 for a day of expert presentations, breakout sessions on technology and manufacturing topics, and networking.
HQ NextPCB of HQ Electronics Debut on the International Stage for Electronics Manufacture at IPC APEX 2024
05/01/2024 | PRNewswireHQ NextPCB of HQ Electronics, a leading Chinese-based multilayer PCB manufacturer and assembly house showcased its industrial prowess on the international stage for the first time at the IPC APEX Expo 2024.