FOR IMMEDIATE RELEASE
Contact: Paola Masman, Media Director
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Washington ~ The Bureau of Economic Analysis (BEA) released a report yesterday showing that the US goods and services deficit rose by nearly 17% compared to September.
“America continues to lose in trade agreements and the World Trade Organization (WTO) system,” said Michael Stumo, CEO of the Coalition for a Prosperous America. “Rather than focusing upon building production in the US, the congressionally passed Fast Track trade authority included provisions to support global supply chains, which is a destructive offshoring policy.”
The BEA report stated:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $42.6 billion in October, up $6.4 billion from $36.2 billion in September, revised. October exports were $186.4 billion, $3.4 billion less than September exports. October imports were $229.0 billion, $3.0 billion more than September imports.
“Withdrawing from the Trans-Pacific Partnership (TPP) should be the first step towards creating a trade and competitiveness strategy that benefits US workers, businesses and agricultural producers,” continued Stumo. “An important new House effort to craft a national balanced trade goal (H.Con.Res.175) is essential to move towards performance measures of trade policy success. The conventional wisdom of mere tariff cuts producing prosperity has failed.”
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.