正文
US trade deficit with China reaches record $214bn
By Eoin Callan in Washington
Published: January 10 2007 14:20 | Last updated: January 10 2007 14:20
The US trade deficit with China has reached an all-time high, according to figures published on Wednesday, which will fuel calls in Washington for Beijing to revalue its currency.
The politically-sensitive trade gap with China reached $214bn in November, shattering the 2005 annual record of $202bn and putting the total on track to exceed $230bn.
The overall US international trade deficit in November narrowed to $58.2bn from $58.8bn, as strong demand from America’s trading partners pushed exports to a record.
The rise in exports is likely to bolster US economic growth for the fourth quarter, but the widening trade gap with China will increase the domestic political pressure on Hank Paulson, US Treasury secretary, to persuade Beijing to allow its currency to appreciate.
Mr Paulson, a former head of Goldman Sachs, has initiated a strategic economic dialogue with China aimed at persuading Beijing to embrace further financial reforms.
But there is mounting impatience in Washington, where some members of the newly-elected Congress are proposing legislative action aimed at China.
The threat is a response to rising protectionist sentiment in the US and pressure from manufacturers, which blame China’s weak currency for giving exports from the country an artificial advantage and fuelling the trade gap.
Frank Vargo, of the National Association of Manufacturers, said Mr Paulson had until the middle of the year to show results from his dialogue with Beijing before Congress began moving on retaliatory action against China.
Max Baucus, chairman of the Senate finance committee, is expected to introduce legislation that would lower the burden of proof for China to be accused of “currency manipulation”, clearing the way for trade sanctions.
A more aggressive approach has been adopted in the House, where Sander Levin, head of the trade subcommittee, will introduce a controversial bill to permit the use of anti-subsidy laws against products from non-market economies such as China.
By Eoin Callan in Washington
Published: January 10 2007 14:20 | Last updated: January 10 2007 14:20
The US trade deficit with China has reached an all-time high, according to figures published on Wednesday, which will fuel calls in Washington for Beijing to revalue its currency.
The politically-sensitive trade gap with China reached $214bn in November, shattering the 2005 annual record of $202bn and putting the total on track to exceed $230bn.
The overall US international trade deficit in November narrowed to $58.2bn from $58.8bn, as strong demand from America’s trading partners pushed exports to a record.
The rise in exports is likely to bolster US economic growth for the fourth quarter, but the widening trade gap with China will increase the domestic political pressure on Hank Paulson, US Treasury secretary, to persuade Beijing to allow its currency to appreciate.
Mr Paulson, a former head of Goldman Sachs, has initiated a strategic economic dialogue with China aimed at persuading Beijing to embrace further financial reforms.
But there is mounting impatience in Washington, where some members of the newly-elected Congress are proposing legislative action aimed at China.
The threat is a response to rising protectionist sentiment in the US and pressure from manufacturers, which blame China’s weak currency for giving exports from the country an artificial advantage and fuelling the trade gap.
Frank Vargo, of the National Association of Manufacturers, said Mr Paulson had until the middle of the year to show results from his dialogue with Beijing before Congress began moving on retaliatory action against China.
Max Baucus, chairman of the Senate finance committee, is expected to introduce legislation that would lower the burden of proof for China to be accused of “currency manipulation”, clearing the way for trade sanctions.
A more aggressive approach has been adopted in the House, where Sander Levin, head of the trade subcommittee, will introduce a controversial bill to permit the use of anti-subsidy laws against products from non-market economies such as China.
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