Posted on 06/09/2007 5:23:09 PM PDT by Ultra Sonic 007
According to figures released by the U.S. government this morning, the U.S. trade deficit with China grew to $19.4 billion for the month of April 2007.
For the year, the U.S. trade deficit with China is up 11.9 percent. At this pace, the U.S. trade deficit with China will climb from last year's record of $232 billion in 2006 to a projected new record of $260 billion in 2007.
"The U.S. trade deficit with China is out of control. It is a key reason why the United States has lost more than three million manufacturing jobs since 2001," said American Manufacturing Trade Action Coalition (AMTAC) Executive Director Auggie Tantillo.
"The years of Bush Administration talks with China have produced negligible results. Congress now must forcefully act," Tantillo continued.
To address the China problem, two actions Congress immediately should take are passing: • H.R. 2600, the Border Tax Equity Act sponsored by Congressmen Bill Pascrell, Duncan Hunter, Mike Michaud, and Walter Jones.
This legislation would negate the nearly $400 disadvantage to U.S. goods producers and service providers caused by foreign border-adjusted taxes.
Conservatively, U.S. goods producers alone were disadvantaged by an estimated $46 billion because of China's VAT rebates on exports and VAT impositions on imports in 2006.
• H.R. 782, the Fair Currency Act of 2007, sponsored by Congressmen Tim Ryan and Duncan Hunter in the House and its companion, S. 796, sponsored by Senators Jim Bunning and Debbie Stabenow.
This legislation would make fundamental currency misalignment an actionable subsidy under U.S. countervailing duty law. The legislation also would codify the application of U.S. CVD law to non-market economies such as China.
Experts estimate that China's currency is undervalued by as much as 15 to 40 percent.
Americans are addicted to Walmart. Also, since Hong Kong is now part of China, that number gets out of whack.
Two bills sponsored by Hunter are in the article.
Hunter ping!
I have a trade deficit with my dentist. Maybe I should stop going to him. I have a trade deficit with Walmart. They never buy anything from me. I have a trade deficit with my accountant. He never buys anything from me.
Does Duncan Hunter hate Walmart?
He’s never said anything about Walmart.
His only particular beef happens to be with the amount of manufacturing facilities moving offshore. And from a national security standpoint, I understand that.
Peiping.
“This legislation would negate the nearly $400 disadvantage to U.S. goods producers and service providers caused by foreign border-adjusted taxes.”
$400 PER WHAT?
Anybody know?
Hunter for President bump
“Free Trade” at work!
Whatch’a sellin?
Your dentist isn’t using the money you pay him to build up an army that may be used to attack your home either.
Duncan Hunter is the only Presidential candidate who keeps bringing up the ongoing problems with China when it comes to trade. Go Hunter!
Just think what a great position you’ll be in when the flow of imports dries up.
Does that mean the US Government should start buying up Chinese Yuan?
Hunter should make a very big deal about this by relating the deficit growth to the parallel increase in China’s military build-up IMHO. The China threat is real, it is not perceived. Voters can relate to this well.
I can imagine....I would like to make/market some things (paper type)....and it looks like EVERYTHING is printed in China! So, that tells me, that’s where it’s cheapest. I’ve started REALLY scrutinizing everything we buy....everything. Course, we’re more likely to keep the 2 - 50 year old chairs and re-cover them ourselves (NOT buy Made in China covers)....and also buy gently used, or neatly used items - as we did for our house today - that 8’ piece of picket fence and window frame DID NOT come from China! And, they were relatively cheap!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.