Julie with a B

Thursday, November 10, 2005
Its the Economy
From Bloomberg:
The U.S. trade deficit with China for the first nine months of the year reached a record $146.3 billion, compared with $114.3 billion at the same time last year.
In October, China's trade surplus widened to a record $12 billion as exports of electronics surged, China's customs bureau reported today from Beijing. The surplus compares with $7.56 billion in September and brings China's surplus for the first 10 months of this year to $80.4 billion, from $11.1 billion in the same period a year earlier.
Best bet would be to purchase a more fuel efficient vehicle. AND you could buy American . . . which would mean paying more and not shopping at Walmart. Why would you shop there anyway? Acres of schlocky junk patrolled by sullen clerks . . . Euuwww.
The U.S. and China agreed this week to limit exports of Chinese clothing through 2008. Bush is traveling to Asia as he seeks further trade concessions from China to forestall protectionist sentiment in the U.S. Congress.

Oh THAT should help. He was so successful in S. America . . .
Exports slumped to $105.2 billion in September from $108 billion the previous month.
A 28-day machinists strike at Chicago-based Boeing, the world's largest aircraft maker, ended on Sept. 29. After shipping just two planes to foreign buyers that month, Boeing delivered 13 aircraft to overseas clients in October, according to figures on the company's Web site.

Ask yourself why it is cheaper. Who are you supporting? This is not a pro-union statement. Some of the best products are produced by American entreprenuers - they are efficient and local.

A different view from WaPo:
The soaring deficit with China has increased calls in Congress for the administration to take action against what critics complain are China's unfair trade practices such as manipulating its currency to gain trade advantages, rampant piracy of American movies and other copyrighted material and state support to the country's textile industry.

On Tuesday, the administration announced that it had reached a three-year agreement with China to limit imports of clothing and textiles, something that the U.S. industry said was desperately needed to halt a surge that began in early January and has already cost thousands of American textile jobs.

The figures for September showed that a series of "safeguard" quotas that the administration has been imposing on various categories of Chinese imports had resulted in a 5.2 percent drop in imports of Chinese clothing and textiles in September, when compared to August. However, these shipments were still up by 50.4 percent for the first nine months of this year, reflecting the surge that had occurred in earlier months before the quotas were imposed.


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