The September trade deficit with China, at $30.5 billion, was the highest on record. By that I mean, not only the highest on record with China. It is the highest on record the United States has ever had with any trading partner in one month. That means that manufactured goods, including high technology goods, are coming in from China at an ever-increasing rate. And they are fueled by unfair trade.
Just about a year ago, the presidential election focused a great deal of energy on manufacturing in the United States. In the second presidential debate, manufacturing came up 15 times between the President and Governor Romney. Each tried to outdo the other. Early in the debate, the president said “Number one, I want to build manufacturing jobs in this country again.” Several months before that Gene Sperling, Assistant to the President for Economic Policy, gave a groundbreaking key note speech on the issue at the Second Annual Conference on the Renaissance of American Manufacturing at the National Press Club, in favor of building up manufacturing, probably the first time a senior White House official threw down the gauntlet in favor of a tough manufacturing policy. (more…)