The Christian Science Monitor reports today that “…imports exceeded exports of goods and services by $49.9 billion in June, up from $42.0 billion in May, the Commerce Department reported.
“Oil and consumer goods from China account for nearly the entire trade deficit, and without a dramatic change in energy and trade policies, the U.S. economy faces unemployment around 10 percent indefinitely,” University of Maryland economist Peter Morici says in a written analysis.
Already, politicians are being told to tax Beijing’s conversions of yuan into dollars at a rate as high as 35 percent — an amount designed to “offset Chinese subsidies that harm U.S. businesses and workers.” Remember when Sen. Schuler (D-NY) wanted a 27% import tax!
We’re getting to be just a bunch of crazy Americans.
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