U.S. exports in July increased by 1.3% to US$212.6 billion. New data From the U.S. Department of Commerce. However, the trade deficit with China is still large, in fact it has increased by billions of dollars.
New data from the Department of Commerce suggests that US exporters may benefit from competitors in global commodity demand. As a result of this boost, the trade deficit fell by 4.3% in July after it soared to a record US$73.2 billion reached in June. In July, US exports increased by 1.3% to US$212.6 billion, but imports fell slightly by 0.2% to US$282.9 billion.
The trade deficit is the gap between a country’s exports to the rest of the world and its imports from other countries. For decades, the US trade deficit with China has existed and continued to expand in July. The commodity deficit with China in July increased by 2.9% from June to US$28.6 billion. The total for the first seven months of this year was US$187.2 billion, a year-on-year increase of 15%. ABC News.
Although trade with China is vital to many American importers and exporters, it is a politically controversial issue.Since the United States supported its accession to the World Trade Organization (WTO) in December 2001, it has been criticized 3 million U.S. jobs Losses in the manufacturing and technology industries. In 2016, former President Donald Trump sharply criticized the US-China trade relationship on a platform. Under Trump’s leadership, the United States imposed a series of tariffs on Chinese goods to encourage Beijing to reform trade practices that Washington deems unfair.
China retaliated by hitting American goods with its own tariffs and taking action within the WTO. In September last year, the WTO ruled that the Trump administration imposed tariffs of up to 200 billion U.S. dollars on China. Unlawful According to the organization’s regulations.Trump responded with threats Export WTO.
The Biden administration promised to review China’s tariffs and at the same time relax the tariffs on China, thereby relaxing the policies of its predecessor to a certain extent. Confrontational Ways to join the WTO. However, companies are disappointed that the new government has not taken any major measures on trade policy.The White House’s slow action prompted some people complain Biden has not done enough to distinguish his trade with China from Trump’s.
