U.S. TRADE GAP HITS RECORD LEVEL

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U.S. TRADE GAP HITS RECORD LEVEL

 user 2004-03-10 at 10:39:00 am Views: 102
  • #6454

    Headline: US trade gap hits record level

    10 March 2004 – Washington (DC): The US trade deficit widened by a further 0.9% in January posting a record $43.1 billion.

    Tech Data CEO Steve Raymund said: “The US has been running massive trade deficits for several years now and, arguably, they’re unsustainable.

    “Many economic conservatives are very concerned about the government running up these massive deficits. They’re effectively IOUs for a future generation. I don’t like it one bit.”

    China also accounted for $11.5 billion of the overall figure, a stunning jump of approximately 17% on December’s figure of $9.4 billion.

    The amount of exports flooding in from China may also ramp up the protectionist lobby in Washington as election fever grips the capital. Raymund said: “I’m very concerned when I see populist politicians decrying the open order, free trade commitment that the US has really been leading the world on in the post war era.”