September 11, 2008: Kaptur Statement on July Trade Deficit
September 11, 2008
“The continued deterioration of our trading position in the world economy is yet one more warning sign during a turbulent economic time,” said Congresswoman Kaptur, who has been a consistent proponent of fair trade laws and fierce opponent of failed trade deals such as NAFTA.
The U.S. goods and services deficit climbed to $62.2 billion in July, an increase of 5.7 percent over the $58.8 billion figure reported in June. The July deficit was the largest one-month total thus far in 2008.
Congresswoman Kaptur noted that the U.S. trade deficit in petroleum reached $43.4 billion in July, a new record. The U.S. bill for foreign oil totaled $51.4 billion.
The other culprit in the deteriorating trade picture was the continued decline of U.S. manufacturing. Despite a weak dollar, sales of U.S. made manufactured goods in other nations fell to $80.2 billion and the manufacturing trade deficit increased to $53.0 billion.
“The monthly deficit in manufacturing and oil is approaching $100 billion,” said Congresswoman Kaptur. “That is an unacceptable flow of wealth out of the hands of the American people into the hands of foreign interests. We need a new trade policy in America before it’s too late.”
The U.S. goods and services deficit climbed to $62.2 billion in July, an increase of 5.7 percent over the $58.8 billion figure reported in June. The July deficit was the largest one-month total thus far in 2008.
Congresswoman Kaptur noted that the U.S. trade deficit in petroleum reached $43.4 billion in July, a new record. The U.S. bill for foreign oil totaled $51.4 billion.
The other culprit in the deteriorating trade picture was the continued decline of U.S. manufacturing. Despite a weak dollar, sales of U.S. made manufactured goods in other nations fell to $80.2 billion and the manufacturing trade deficit increased to $53.0 billion.
“The monthly deficit in manufacturing and oil is approaching $100 billion,” said Congresswoman Kaptur. “That is an unacceptable flow of wealth out of the hands of the American people into the hands of foreign interests. We need a new trade policy in America before it’s too late.”