New Record Set for U.S.-China Trade Deficit Under Trump’s Watch

Scott Paul

Scott Paul Director, AAM

The goods trade deficit with China reached its highest annual level ever according to the latest data from the Commerce Department. The goods deficit with China hit $375.2 billion last year, surpassing the previous record set in 2015. 

News of the expanding deficit comes as American metal workers face more layoffs. In the past year, steel imports from all nations into the U.S. rose by more than 15 percent, and at least three American steel mills announced closures.

Said Alliance for American Manufacturing (AAM) President Scott Paul: 

"I share President Donald Trump’s disdain for trade deficits. I can’t imagine the record goods deficit with China in 2017 is anything he’ll be crowing about. But he can and certainly should do something about it.

"The president should start by taking action to defend American steel and aluminum makers and workers from imports that are harming our national security. The Section 232 actions should be implemented sooner rather than later. He can follow that up by imposing penalties on China for its gargantuan intellectual property rights theft by completing the Section 301 case. He can conclude by renegotiating trade agreements in a manner that will reduce our trade deficits with NAFTA partners and South Korea in particular. 

"While much of the economy is growing, trade-impacted sectors like steel face enormous challenges. Many American factory workers bought into the promise of the president’s trade policy reforms, but they are still waiting for results.

"The president must act swiftly on the Section 232 cases to keep his promises to America’s workers."

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Reposted from AAM

Posted In: Allied Approaches, From Alliance for American Manufacturing

Union Matters

America’s Wealthy: Ever Eager to Pay Their Taxes!

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

Why do many of the wealthiest people in America oppose a “wealth tax,” an annual levy on grand fortune? Could their distaste reflect a simple reluctance to pay their fair tax share? Oh no, JPMorganChase CEO Jamie Dimon recently told the Business Roundtable: “I know a lot of wealthy people who would be happy to pay more in taxes; they just think it’ll be wasted and be given to interest groups and stuff like that.” Could Dimon have in mind the interest group he knows best, Wall Street? In the 2008 financial crisis, federal bailouts kept the banking industry from imploding. JPMorgan alone, notes the ProPublica Bailout Tracker, collected $25 billion worth of federal largesse, an act of generosity that’s helped Dimon lock down a $1.5-billion personal fortune. Under the Elizabeth Warren wealth tax plan, Dimon would pay an annual 3 percent tax on that much net worth. Fortunes between $1 billion and $2.5 billion would face a 5 percent annual tax under the Bernie Sanders plan.

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No Such Thing as Good Greed

No Such Thing as Good Greed