Washington ~ The Bureau of Economic Analysis (BEA) released a report today showing that the US trade deficit rose by nearly 7% compared to October
“America continued, last November, losing the international competition for good jobs and industries,” said Michael Stumo, CEO of the Coalition for a Prosperous America. “The Obama-Bush-Clinton trade agreements promised export opportunities but delivered import facilitation, net offshoring and middle class destruction.”
The main points of the BEA report are:
1. the goods and services deficit was $45.2 billion in November, up $2.9 billion from $42.4 billion in October
2. exports were down, led by lower sales of goods, on both a monthly and annual basis
3. imports were up, led by increased purchases of overseas goods, on both a monthly and annual basis
“We stand ready to work with the Trump administration and Congress to reverse the trade mistakes of the past,” continued Stumo. “America needs to set a goal of eliminating the trade deficit and rebuilding our manufacturing and agricultural supply chains to produce good jobs and broadly shared prosperity.”
The Coalition for a Prosperous America is a nonprofit organization representing the interests of 2.7 million households through our agricultural, manufacturing and labor members.