09:44 GMT +318 October 2018
Listen Live
    Signs with the US flag and Chinese flag are seen outside a store selling foreign goods in Qingdao in China's eastern Shandong province on September 19, 2018

    More Restrictions Needed to Block Chinese Imports, CPA Says

    © AFP 2018 / STR
    US
    Get short URL
    117

    WASHINGTON (Sputnik) - The US trade deficit with China hitting yet another monthly high signals that more restrictions are needed to block Chinese imports, the Coalition for a Prosperous America (CPA) said in a press release.

    The US trade gap increased by more than $3 billion in August to $53.2 billion, the US Commerce Department's Bureau of Economic Analysis said in a press release on Friday. The deficit with China set an all-time record of $36.8 billion.

    "The growing US trade deficit points to two critical things," CPA CEO Michael Stumo said in the release on Friday. "We must continue to limit and reduce Chinese imports until Beijing shows signs of changing their illegal and unethical trading practices. Second, we need to take action to reduce the value of the US dollar."

    READ MORE: Washington to Accuse China of Leveraging World Trade to Weaken US — Reports

    Many Chinese companies, according to the release, are speeding up imports to beat implementation of US tariffs which now apply to some $250 billion dollars’ worth of products.

    Since March, the Trump administration has introduced several waves of tariffs worth tens of billions of dollars against Chinese goods in an effort to rebuild the US industrial base. China has retaliated with its own tariffs against US goods, while continuing to maintain, however, that there can be no winners in a trade war. In 2017, the US recorded a $375.2 billion trade deficit with China, with total trade estimated to be worth some $710.4 billion at the time.

    Related:

    Alaska Business Worried About US-China Trade War - World Trade Center Alaska
    US-China Trade War to Weaken Global Economic Growth in 2019 – Moody’s
    US-China Trade War Could Last 20 Years - Alibaba Founder
    Tags:
    US-China trade war, trade war, restrictions, taxes, Coalition for a Prosperous America (CPA), United States, China
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment