Bush administration breaks another record: 'U.S. Trade Deficit Hits New Record High'
OutsourceBush2004
By Jeannine Aversa
Associated Press Writer
Wednesday, March 10, 2004; 8:39 AM
WASHINGTON -- America's trade deficit mushroomed to a record $43.1 billion
in January as sales of foreign-made goods posted their second best month
ever, a fresh sign of better economic times in the United States.
The trade gap reported by the Commerce Department on Wednesday was 0.9
percent larger than the $42.7 billion deficit registered in December.
January's trade deficit swelled as the value of imported goods and services
eclipsed the value of U.S. exports.
Imports of goods and services came to $132 billion in January, the
second-highest level on record. Still, that represented a tiny 0.5 percent
dip from the record level of imports seen in December. The economic rebound
in the United States has fed demand for foreign-made goods.
Exports, meanwhile, totaled $89 billion in January, representing a 1.2
percent decrease from December. That largely reflected weaker demand for
U.S. food products. Exports of meat and poultry in January plunged by 40
percent to $379 million, the lowest level since November 1993, as the first
case of mad cow disease in the United States stalled beef exports to many
countries.
The latest snapshot of trade activity comes as tensions have grown over
global trade and the migration of jobs in the United States to other
countries.
President Bush on Tuesday promoted trade as crucial to economic growth and
renewed a warning against "economic isolationists" who question free-trade
deals. The charge of economic isolationism was aimed at presumptive
Democratic presidential nominee John Kerry.
The Massachusetts senator supported the North American Free Trade Agreement
and world trade deals. On the campaign, he has said he would place all trade
deals under a 120-day review and wants labor and environmental standards in
new agreements. He also would require companies to provide notice before
moving jobs to other countries.
Federal Reserve Chairman Alan Greenspan last week said that a weaker U.S.
dollar should eventually help narrow the country's swollen trade deficits.
He also repeated a warning that "creeping protectionism" could hurt the
flexibility of the global economy -- something that has played a key role in
helping the United States and other countries weather economic hard times.
America's politically sensitive trade deficit with China expanded to $11.5
billion in January, up from $9.9 billion in December.
U.S. manufacturers contend that China is deliberately undervaluing it
currency, the yuan, by as much as 40 percent, giving that country a big
trade advantage when competing with U.S. companies and contributing to the
loss of U.S. jobs.
The Bush administration has been pressing Beijing to stop linking its
currency to the dollar and let the value of the yuan be set in open markets.
The U.S. trade deficit with Japan, meanwhile, narrowed to $5.3 billion in
January, compared with $5.7 billion the month before. U.S. exports to the
country, valued at $4 billion, marked the lowest level in a year.
America's trade deficit with Mexico of $3 billion in January was the lowest
since December 2002. The United States' trade gap with Canada widened in
January to $5.2 billion, up from $4.4 billion in December.
The United States' trade deficit with oil-producing nations, including Saudi
Arabia and Venezuela, grew to $4.7 billion in January, the highest level
since April 2003. The average price per barrel of imported crude oil in
January, meanwhile, climbed to $28.55, the highest since March 2003.
http://www.washingtonpost.com/wp-dyn/articles/A45668-2004Mar10.html
--
Most US workers saw their earnings fall or stagnate last year, with those at
the bottom of the income scale hit hardest.
The trend, coming alongside a slack job market, explains why many Americans
feel left out of the economic recovery - and why President Bush faces a
tough sell with his campaign-trail message that there is "good strong
growth." Democratic rivals point to "two Americas," one for the rich, one
for the poor.
http://www.csmonitor.com/2004/0211/p03s01-usec.html
InsuranceBroker
>New Record High'
>From: "OutsourceBush2004" outsou...@whitehouse.gov
>Date: 3/10/2004 9:11 AM Eastern Standard Time
>Message-id: <0c88b6705e592e6f...@news.teranews.com>
>U.S. Trade Deficit Hits New Record High
>
>By Jeannine Aversa
>Associated Press Writer
>Wednesday, March 10, 2004; 8:39 AM
>WASHINGTON -- America's trade deficit mushroomed to a record $43.1 billion
>in January as sales of foreign-made goods posted their second best month
>ever, a fresh sign of better economic times in the United States.
>The trade gap reported by the Commerce Department on Wednesday was 0.9
>percent larger than the $42.7 billion deficit registered in December.
>January's trade deficit swelled as the value of imported goods and services
>eclipsed the value of U.S. export
So much for the free trade gang and the economist telling us about a lower
dollar will cure the trade deficit. What we need to do is export the free
traders and shot the economist.
Doing Insurance business in the Garden State
John Fraud Kerry
"InsuranceBroker" <insur...@aol.com> wrote in message
news:20040310092801...@mb-m04.aol.com...
> So much for the free trade gang and the economist telling us about a lower
> dollar will cure the trade deficit.
Worth noting here, speaking of the "free trade gang", is that it was John
Kerry who voted FOR NAFTA and Bill Clinton who SIGNED IT INTO LAW.
Oh well, another DNC Talking Point goes down the drain.......
DDB
Hits
> >New Record High'
> >From: "OutsourceBush2004" outsou...@whitehouse.gov
> >Date: 3/10/2004 9:11 AM Eastern Standard Time
> >Message-id: <0c88b6705e592e6f...@news.teranews.com>
>
> >U.S. Trade Deficit Hits New Record High
> >
> >By Jeannine Aversa
> >Associated Press Writer
> >Wednesday, March 10, 2004; 8:39 AM
>
> >WASHINGTON -- America's trade deficit mushroomed to a record $43.1
billion
> >in January as sales of foreign-made goods posted their second best month
> >ever, a fresh sign of better economic times in the United States.
>
> >The trade gap reported by the Commerce Department on Wednesday was 0.9
> >percent larger than the $42.7 billion deficit registered in December.
>
> >January's trade deficit swelled as the value of imported goods and
services
> >eclipsed the value of U.S. export
>
> So much for the free trade gang and the economist telling us about a lower
> dollar will cure the trade deficit. What we need to do is export the free
> traders and shot the economist.
Damn NAFTA, why did Clinton force it thru congress in the first place. Then
to add insult to injury he basically built the WTO, which is now being used
to force the foreign will on the American people.
Bradley K. Sherman
Har!
--bks