Washington, D.C. – U.S. Senator Bob Casey (D-PA), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement after today’s announcement from the U.S. Department of Commerce that the U.S. trade deficit in goods and services decreased to $46.0 billion in February from $52.5 billion the previous month.
“While the narrowing of the trade deficit means that trade was less of a drag on growth in February, it would be more reassuring if our exports had expanded to a greater degree than they did. Our economy remains vulnerable to the unfair trading practices set in place by China. Currency manipulation is threatening our trade advantage and harming our American workers.
“The Currency Exchange Rate Oversight Reform Act of 2011 is vital legislation that aims to protect our workers and manufacturers from currency manipulation. Countries who engage in such detrimental practices should be held accountable. The Senate passed the bill by wide margins and I encourage our House colleagues to follow suit.
“As our nation continues to recover from the recession, lawmakers must make every effort to support our workers and ensure there is an even international playing field.”
Today, the Census Bureau reported that the U.S. international trade deficit in goods and services narrowed by $6.5 billion to $46.0 billion in February. Exports of goods and services increased by $0.2 billion while goods and services imports fell by $6.3 billion. The over-the-month decline in the international trade deficit was the result of a $6.0 billion decrease in the goods trade deficit and a $0.5 billion increase in the services trade surplus. More than three-quarters of the decline in the U.S. trade deficit in goods reflected a drop in imports of goods excluding petroleum. The bilateral trade deficit in goods between the U.S. and China declined by $6.7 billion to $19.4 billion in February, following an increase in January.
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