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
ASMC 2024 Opens With AI, Smart Manufacturing and Sustainability in Focus
05/13/2024 | SEMIThe 35th annual SEMI Advanced Semiconductor Manufacturing Conference (ASMC 2024) opens today to focus on critical topics ranging from yield management and metrology to new developments in artificial intelligence, smart manufacturing and sustainability.
I-Connect007 Editor’s Choice: Five Must-Reads for the Week
05/10/2024 | Marcy LaRont, PCB007 MagazineSpring is a renewal each year as dormant flora bloom, and baby ducklings and geese are ever present in local bodies of water. Even though it is beginning to get hot, I love this time of year in Arizona, with the sun waking me around 5 a.m. It fills me with an energy that I often lose in the dark winter months. Wherever you find yourself in the world, I hope you are enjoying Spring and that you are filled with energy and enthusiasm for all the great work part of our daily lives in this industry.
ViTrox Presents Next-Gen Intelligent Manufacturing Solutions at SEMICON Southeast Asia 2024
05/10/2024 | ViTroxViTrox, which aims to be the world’s most trusted technology company, is pleased to announce its participation as an exhibitor and Platinum sponsor at SEMICON Southeast Asia 2024! Join us from May 28-30 at Booth #1504 in Malaysia International Trade and Exhibition Centre (MITEC), KL, to experience our advancement in technology and manufacturing.
Podcast Review: On the Line with… Designing for Reality
05/09/2024 | Duane Benson, Positive Edge LLCAs a technologist, if I were forced to come up with just one recurring theme that I might call a professional “nemesis,” it would be the difference between theory and reality. A lot of technology we have at our disposal works well in theory but falls short when reality hits. That’s not the only reason I chose to listen to and review On the Line with… Designing for Reality, featuring a series of conversations with ASC Sunstone’s Matt Stevenson, but it certainly helped that the title caught my eye.
NEOTech Positions Itself as Microelectronics Industry Leader with High-Technology Investments
05/09/2024 | NEOTechNEOTech, a leading provider of electronic manufacturing services (EMS), design engineering, and supply chain solutions in the high-tech industrial, medical device, and aerospace/defense markets, announces a significant investment in acquiring new Palomar 8100 wire bonder machines, enhancing the company’s positioning as a leader of cutting-edge microelectronics assemblies for mission-critical applications.