Trade Deficit Hits New Record

The Commerce Department just announced that the US trade deficit surged to a new record in July as American consumers and companies stocked up on foreign-made goods. Imports exceeded the value of exports by $68 billion, up from $64.8 billion in June.

This growing trade deficit will hurt American businesses and workers. The more our trade deficit with China and Japan widens, the more we need to aggressively enforce our trade agreements, knock down foreign barriers to U.S. products, and end unfair trading practices. So far this Administration has done none of the above. I hope the latest trade deficit numbers serve as a wake-up call before our economy takes a serious hit.