(Pakistan Point News / Sputnik - 06th October, 2018) The US trade deficit with China hitting yet another monthly high signals that more restrictions are needed to block Chinese imports, the Coalition for a Prosperous America (CPA) said in a press release.
The US trade gap increased by more than $3 billion in August to $53.2 billion, the US Commerce Department's Bureau of Economic Analysis said in a press release on Friday. The deficit with China set an all-time record of $36.8 billion.
"The growing US trade deficit points to two critical things," CPA CEO Michael Stumo said in the release on Friday. "We must continue to limit and reduce Chinese imports until Beijing shows signs of changing their illegal and unethical trading practices. Second, we need to take action to reduce the value of the US Dollar."
Many Chinese companies, according to the release, are speeding up imports to beat implementation of US tariffs which now apply to some $250 billion Dollars' worth of products.
