Trade Deficit Continues to Show U.S. Competitiveness Problems

Read More Here: "U.S. TRADE DEFICIT SHRINKS IN JUNE LED BY DECLINE IN NON-OIL BALANCE YET MANUFACTURING AND HIGH TECH GAPS WIDEN;The U.S. goods and services trade deficit shrunk narrowed by 4.10 percent in June, from $59.20 billion to $56.77 billion, as a steep 15.17 percent drop in the nation’s non-oil trade gap more than offset a 14.65 percent jump in oil imports to record levels and a 10.69 percent increase in the U.S. oil deficit to another record.

Yet the parts of the economy that generate the best-paying jobs and the greatest productivity gains – the manufacturing and high tech goods sectors – both saw their deficits expand in May, indicating that the sectors most critical to U.S. competitiveness continue underperforming on the trade front.. In addition, the bloated and chronic U.S. goods trade deficit with manufacturing-heavy China continued to expand, from $21.05 billion to $21.43 billion, or 1.81 percent."