July 12, 2007

Chairman Dodd Decries Increased Trade Deficit

China Currency Manipulation Continues To Harm American Jobs and Businesses

Washington, D.C. – Senator Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today made the following statement in reaction to release of the U.S. trade deficit numbers, indicating that a third, or $20 billion, of the trade deficit in May was with China:
    “Today’s trade numbers indicate that the U.S. continues to run an unhealthy trade deficit at a pace of over $700 billion per year. More disturbing is that one-third of our deficit in the month of May was with just one country: China. While there are many root causes for this imbalance, one of the significant factors is on-going currency manipulation by the Chinese government. That manipulation is harming American workers and U.S. businesses. I have introduced legislation, along with Senator Shelby and other members of the Senate, to require the Administration to take more aggressive steps to crack down on China’s currency manipulation, which is unfairly harming our workers and businesses. Today’s data are further proof that our legislation is needed to address these problems."