While the month-over-month goods deficit with China fell by around $3.7 billion, the deficit with Mexico rose by $2 billion over the same period.
Despite spending over $600 billion on prescription drugs, the number of drugs in shortage rose to a near-record total of 301 active medication shortages at the end of 2023.
Mexico is fast becoming a new hub for China offshore investment and exports.
CPA welcomed a petition filed by five national labor unions with the U.S. Trade Representative requesting an investigation into China’s predatory trade actions in the shipbuilding sector.
“Our tax code is supposed to support American manufacturers in building out genuine domestic supply chains. It shouldn’t be exploited by the Chinese Communist Party,” said Brown.
There is growing bipartisan support for taking action, and CPA is proud to join with more than two dozen organizations representing thousands of voices that support closing the de minimis loophole.
The Coalition to Close the De Minimis Loophole launched today, representing thousands of voices, from the families of victims of fentanyl fatalities and nonprofit and nonpartisan organizations to labor unions, domestic law enforcement associations, domestic manufacturers, and business associations.
America’s largest generic drug supplier, Aurobindo, is riddled with safety and quality issues, including ties to overseas suppliers with links to China’s military.
Last year, the U.S. imported more goods from Mexico than it did from China. It was a first. Although the trade deficit with China is still the biggest out of every country, and more than the trade deficit with Mexico and Canada combined, Mexican imports totaled $475.6 billion in 2023 versus China’s $427.2 billion.
Modern-day smugglers are using the de minimis loophole to bring in illicit imports of fentanyl, pill presses, and all manner of contraband.
