Smashes previous record mark set in 2014.
[Kevin L. Kearns| February, 05 2016 | Trading Away Jobs]
U.S. Commerce Department data released today show the U.S. trade deficit with China soared to $365.7 billion in 2015, a massive jump up from the previous year’s record of $343 billion.
Said U.S. Business and Industry Council (USBIC) President Kevin L. Kearns, “Can anyone doubt that America’s trading relationship with Beijing is a one-sided, one-way catastrophe for the American economy? Our massive trade deficit with China represents a constant outflow of jobs and productive capacity to a country that refuses to play by the rules of world trade. It’s been 15 years since China joined the World Trade Organization. There can be no doubt that America’s experiment in so-called ‘free trade’ with China is a miserable failure.”
Kearns pointed to Beijing’s ongoing use of currency manipulation, dumping, hacking, IP theft, forced technology transfer, and massive subsidies for its ‘national champion’ industries as key practices that aid Beijing’s pursuit of both U.S. and global market share.
Kearns said, “We’ve seen no credible effort from the past two administrations to address China’s wanton disregard for international norms in trade and currency. Washington must do a major policy revamp soon, and confront Beijing directly and publicly, including use of punitive measures as needed. Otherwise, we’ll see more record trade deficits, greater losses for domestic manufacturers, a continued inability to generate sufficient growth, and ultimately the collapse of our economy.”
Read more about China’s violations of world trade law.