Stabenow Statement on Release of Latest Trade Deficit Numbers
U.S. Senator Debbie Stabenow (D-MI) today made the following statement regarding the Commerce Department report of last year's trade deficit of $711.6 billion or 5.1 percent of GDP. The Commerce Department also reported that the United States trade deficit with China grew from $232.6 billion in 2006 to $256.3 billion last year.
These new trade deficit numbers come on the heels of yesterday's World Trade Organization initial finding that China's auto parts import policies violate WTO rules.
"Today's report indicates that our country still faces an enormous shortfall on the sale of products to countries throughout the world.
"Of particular concern is that our trade deficit with China continues to explode, reaching an all-time high of over $250 billion.
"These numbers provide further evidence of China's consistent and deliberate efforts to violate our trade laws by doing everything from placing tariffs on our auto parts to misaligning their currency. There is no doubt, this unfair trade hurts American businesses and hurts middle-class families across Michigan and across the country.
"That is why we need a comprehensive trade policy in this country that enforces our trade laws, improves product safety, levels the playing field and most importantly, puts American workers and businesses first."