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The Commerce Department released the latest monthly U.S. trade figures this morning. The overall monthly U.S. international goods and services trade deficit decreased to $40.9 billion in April, from $50.6 billion in March, revised.
- The monthly U.S. goods deficit with China decreased in April to $27.5 billion, from $38.9 billion in March. The trade deficit with China is up $12.4 billion year-to-date compared to 2014.
- The U.S. goods deficit with Japan was $6.7 billion in April. The trade deficit with Japan is up over $1.5 billion year-to-date compared to 2014.
- The U.S. goods deficit with South Korea was $2.1 billon in April, up nearly $3 billion this year.
Said Alliance for American Manufacturing President Scott Paul:
“The monthly decline in the trade deficit masks an uncomfortable truth: Global industrial overcapacity, an overly strong dollar, and unfair trade practices are contributing to a surge in our 2015 trade deficit. All the year-to-date numbers are headed in the wrong direction, and they help to explain the sudden drop in manufacturing hiring so far this year.
"Underinvestment in domestic infrastructure and research, combined with a flood of manufacturing imports, are stifling manufacturing’s comeback. Our workers and businesses are doing all that they can to be globally competitive, but Washington stands in the way. Passing a robust and long-term infrastructure plan, boosting trade enforcement efforts, and penalizing currency manipulation are essential ingredients in a true manufacturing resurgence. ”