On August 12, the Bureau of Economic Analysis reported the trade figures for the month of June. The overall US trade deficit climbed slightly, reversing the slight downturn in May. Our trade deficit in goods with China climbed for the fourth month in a row, as shown in the chart below:
Why is our trade deficit with China expanding? The answer lies in the Obama administration's acquiescence to China's job-stealing policy. Let's review the events since President Obama took office:
- January 20: China to stimulate its economy by stealing our jobs.
- Febrruary 22: Hillary thanks China for stealing American jobs, asks them to please keep doing it.
- April 3: Obama helps China prepare for a dollar collapse.
- April 21: Treasury pretends China not manipulating its currency.
- May 1: Obama talks. China makes the situation worse. Geithner talks.
- June 24: US files another WTO complaint against China which China will ignore.
- July 29: Steve LeVine: "The U.S.-China summit was notable for neither side agreeing to alter its position on any question of substance".
Disclosure: No positions