Blogs » The real truth » U.S. Trade Deficit vs. unempolyment

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The reason the President is a failure in his claim on job creation. One reason he does not understand the U.S. trade deficit, which is a result of high unemployment.

The President claims to have the smartest and brightest under his wing, but what part of simple math do they not understand. In 2006 the U.S. had a 232.6 billion trade deficit with China, provided you put both countries on the 50 yard line.

I don’t know why this administration and the past have taken our trade deficit so lightly; it is a major factor in high unemployment. When Obama took office, U.S. exports to China were around 69 billion, which is on the decline. These numbers are not nickels and dimes, we’re talking mega billions. The President does not get it… There is no way U.S. industry can compete with China until we turn the trade deficit into a positive and not a negative.

China Exports to U.S.

Of the $287.8 billion in American imports from China in 2006, the following product categories had the highest values. 1.Computer accessories, peripherals and parts …US$28.9 billion (10.1% of China to U.S. exports, up 12.4% from 2005) 2.Miscellaneous household goods (e.g. clocks) … $26.5 billion (9.2%, up 17.2%) 3.Toys & sporting goods (e.g. bicycles) … $22.2 billion (7.7%, up 10.2%) 4.Computers … $17.4 billion (6%, up 20.2%) 5.Non-cotton household furnishings & clothing … $14.6 billion (5.1%, up 11.3%) 6.Video equipment (e.g. DVD players) … $14.5 billion (5.0%, up 34.9%) 7.Household furniture … $13.2 billion (4.6%, up 14.3%) 8.Footwear ... $10.7 billion (3.7%, up 11.1%) 9.Cotton household furnishings & clothing … $9.9 billion (3.4%, up 29.6%) 10.Telecommunications equipment … $8.3 billion (3.0%, up 23.7%)

Fastest-Growing Chinese Exports to U.S.

Below are American imports from China in 2006 with the highest percentage sales increases from 2005. 1.Zinc … US$8.6 million (up 616% from 2005) 2.Nickel … $25.9 million (up 273%) 3.Lumber … $74.7 million (up 213%) 4.Specialized mining & oil processing equipment … $96.6 million (up 188%) 5.Oil field drilling equipment & platforms … $1.6 billion (up 182%)

China Imports from U.S.

Of the $55.2 billion in American exports to China in 2006, the following product categories had the highest values. 1.Semi-conductors … US$5.9 billion (10.6% of China from U.S. imports, up 74.7% from 2005) 2.Civilian aircraft … $5.3 billion (9.6%, up 39.7%) 3.Soybeans … $2.5 billion (4.6%, up 12.5%) 4.Plastics …. $2.2 billion (3.9%, up 18.8%) 5.Raw cotton … $2.1 billion (3.7%, up 47%) 6.Industrial machines … $1.97 billion (3.6%, up 29%) 7.Copper … $1.86 billion (3.4%, up 99.7%) 8.Computer accessories … $1.82 billion (3.3%, up 27.5%) 9.Aluminum … $1.7 billion (3.1%, up 90.3%) 10.Steelmaking material … $1.69 billion (3.1%, up 11.9%)

Fastest-Growing Chinese Imports from U.S.

Below are American exports to China in 2006 with the highest percentage sales increases from 2005. 1.Unmanufactured tobacco … US$61.4 million (up 3127% from 2005) 2.Corn … $22.6 million (up 2963%) 3.Oilseeds & food oils … $60.7 million (up 970%) 4.Precious metals … $305 million (up 205.2%) 5.Railway transportation equipment … $220 million (up 146%)