The U.S. trade deficit with China hit a record high in August, rising to nearly $29 billion. The uptick is nearly $1 billion more than the $26.96 billion previously recorded.
Alliance for American Manufacturing Executive Director Scott Paul released the following statement in reaction to the new numbers:
“The record trade deficit with China is the closing argument against China’s currency manipulation. The Senate was right to pass legislation that would deter China’s currency legislation. Two things must now happen. First, the House should pass currency legislation as soon as possible. Second, the Treasury Department must name China as a currency manipulator in its next report due on October 15. If America wants to continue to lead the world, we must be strong and stand up to mercantilism. A failure by the Obama Administration and House Republicans to heed this call will result in more job losses and economic decline.”