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    October 13, 2011

US-China Trade Deficit Hits Record High

   VOA News

   The U.S. trade deficit with China reached a record high in August. The
   gap between what China buys from U.S. companies and what the Chinese
   sell in the American market was $29 billion in August.
   Thursday's report from the [1]Commerce Department says the overall U.S.
   trade deficit with the world ($45.6 billion) was nearly unchanged
   during the month.
   The trade gap with China comes at a politically sensitive time when the
   U.S. Senate has just passed a bill to impose tariffs on certain
   Chinese-made goods unless Beijing stops its alleged manipulation of its
   currency. The tariff bill would have to overcome opposition in the
   Republican-controlled House of Representatives and be approved by the
   president before it could become law.
   A weak Chinese currency gives Chinese goods a price advantage in the
   U.S. market, and raises the cost of American-made products to Chinese
   consumers.
   A separate report from the Labor Department says the number of
   Americans signing up for unemployment compensation declined by 1,000 to
   a total of 404,000 last week. The U.S. unemployment rate, which is
   calculated from a separate study, is a relatively high 9.1 percent.

   Some information for this report was provided by AP and Reuters.

References

   1. http://www.commerce.gov/news/press-releases/2011/10/13/statement-acting-us-commerce-secretary-rebecca-blank-us-international

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