Washington ~ The U.S. Department of Commerce released a report yesterday showing that the US trade deficit rose to $502.3 billion, its highest level since 2012.
"The huge trade deficit continues to hollow out U.S. manufacturing industry and depress real incomes in many parts of the country," said Jeff Ferry, CPA Research Director. "All eyes are on the Trump Administration to see if it takes the decisive actions candidate Trump promised repeatedly in the election campaign."
Ferry's team dove deeper into the report and prepared a brief which discusses industry specifics as well as the implications for US economy.
1. The U.S. trade deficit rose 0.4% to $502.3 billion in 2016.2. Exports fell 2.3% to $2209.4 billion.3. Imports fell 1.8% to $2711.7 billion.4. The U.S. goods deficit fell 1.6% to $750.1 billion.5. The U.S. non-petroleum goods deficit rose 2.5% to $677.5 billion.6. The largest U.S. bilateral deficit in 2016 was again with China, at $347.0 billion.
"Reducing the US trade deficit in goods needs to be job number one to fix our economy and put people back to work," said Michael Stumo, CEO of CPA. "We look forward to working with the Trump Administration and both parties in Congress to achieve this goal."
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.
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