Arab Today, arab today us trade deficit jumps on eve of xi visit
Last Updated : GMT 12:13:37
Arab Today, arab today
Arab Today, arab today

US trade deficit jumps on eve of Xi visit

Arab Today, arab today

Arab Today, arab today US trade deficit jumps on eve of Xi visit

Washington - AFP

On the eve of a visit by China\'s vice president and heir-apparent, the Commerce Department reported Friday that the US trade deficit widened to a six month high, thanks in large part to imports from China. Official data showed that the deficit deepened to $48.8 billion in December, the most since June 2011, as President Barack Obama prepared to welcome Xi Jinping, widely tipped as China\'s next president, in Washington next week. Amid stronger US demand -- spurred by the improving economy -- goods imports grew by $2.7 billion, outpacing export growth. \"Thanks to a weak greenback, exports rose for the first time in a few months, up 0.7 percent in December or nine percent from a year ago. Imports also gained ground however,\" said economist Jennifer Lee of BMO Capital Markets. That took the full 2011 shortfall to $558 billion. More than half that figure was thanks to the politically sensitive trade deficit with China, prompting more handwringing about Beijing\'s huge advantage in the bilateral economic relationship. \"The US-China trade deficit reached a record high of $295.5 billion in 2011, which will add fuel to the fire of political trade debate,\" said David Resler of Nomura bank. The response from the US industry lobby, which accuses China of stealing US business and jobs, was swift. \"From an economic point of view, the trade deficit with China shows just how strong the headwinds are against \'insourcing\' jobs back to the United States,\" the Alliance for American Manufacturing said. \"From a political point of view, the trade deficit with China shows just how little leadership Congress and the president are providing on international economic matters.\" As the United States approaches November\'s presidential elections, the calls for China to be punished for allegedly unfair trade practices as become ever-more shrill. In his State of the Union address last month Obama announced the formation of a trade enforcement unit that would look into unfair trade -- training his sights squarely on Beijing. \"I will not stand by when our competitors don\'t play by the rules,\" he told lawmakers. Tit-for-tat trade actions have been building since the Obama administration levied sanctions against allegedly subsidized Chinese tires in 2009. The US has now levied counter-veiling and anti-dumping duties against some two dozen Chinese products, from steel bars to frozen shrimp, and has lodged WTO complaints over Chinese solar panels, wind turbines and other products. China has responded with its own punitive duties on imported US chicken and luxury cars and WTO counter-complaints. Xi arrives on Tuesday for a get-to-know-you visit with Obama, with a full range of political issues on the agenda.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us trade deficit jumps on eve of xi visit Arab Today, arab today us trade deficit jumps on eve of xi visit

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us trade deficit jumps on eve of xi visit Arab Today, arab today us trade deficit jumps on eve of xi visit

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday