FOR IMMEDIATE RELEASE
July 13, 2016
Contact: Paola Masman, Media Director
202-688-5145 ext 2, [email protected]
Government report: Goods and services trade balance worsens by 10 percent in May despite trade agreements
Washington~ The Commerce Department announced that the US trade gap increased yet again 10.1% to $41.1 billion in May. China alone makes up over half of the May deficit at $28.3 billion. In fact, the trade gap increased beyond what economists had anticipated. Washington’s trade policies continue to reduce employment and growth through rigged trade deals and enabling foreign trade cheating.
- Exports down: “May exports were $182.4 billion, $0.3 billion less than April exports.”
- Imports up: “May imports were $223.5 billion, $3.4 billion more than April imports.
“Washington’s trade policy is continuing to take market share from US companies,” said Michael Stumo, CEO of the Coalition for a Prosperous America. “The next president needs to, in his or her first 100 days, commit to a path to balance trade. America’s core problems of underemployment, anemic growth and income inequality cannot be solved without balanced trade.”