On the other side of the ledger, NAM’s 2005 interim report on trade shows that the manufactured goods deficit with countries with which we don’t have free trade agreements (FTAs) has grown 16% so far this year. One country – China – accounted for 77% of the entire global increase in our manufactured goods deficit, comprising $24 billion of the $31 billion global increase for the first seven months of this year. That means the increase in the manufactured goods deficit with China was more than three times as large as the increase in the deficit with the rest of the world combined.
That’s why the NAM Board of Directors has just expressed its strong concern that Chinese currency manipulation is a serious problem and urged China to let the renminbi (better known as the the yuan) appreciate significantly in the near future. The NAM Board also called for more effective tools to address the problem of currency manipulation by China and other foreign governments.
We have been on the forefront of fighting for a level playing field with China and all trading partners and will continue to be on the front lines, with the help of many thousands of manufacturers around the country. In fact, you can click here to urge your Senator to help stop illegal subsidies and to step up enforcement of our trade laws.
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