Record Trade Gap Increasing Trade Tensions

March 10, 2006 – The United State’s trade gap with China swelled 10 percent to a record $17.9 billion in January, increasing economic tensions regarding China’s currency manipulation and unfair trade practices.

“Members of Congress, on a bipartisan basis, are expressing serious concerns that China’s national currency is undervalued and causing harm to the U.S. economy and sending American jobs overseas,” House Democratic Leader Nancy Pelosi said in the New York Times.

The U.S.’s overall trade deficit also continued to skyrocket out of control, increasing to a record $68.5 billion in January. The U.S. registered a record $723.6 billion trade deficit in 2005, including a deficit of over $200 billion with China.

Read the entire New York Times article.