December 12, 2007 – China posted a trade surplus of $26.3 billion in November, pushing their surplus for the year up to $238.13 billion. The massive trade surplus has already eclipsed their $177.47 billion for all of 2006.
News of China’s skyrocketing surplus should increase pressure to halt China’s unfair trade practices heading into 2008. By undervaluing their currency by up to 40 percent over the last decade, China has cost the U.S. thousands of manufacturing jobs and sent our trade deficit with China skyrocketing to a record $232.5 billion last year.
Read more here.
