Pascrell Decries Ballooning Trade Deficit
WASHINGTON, DC – Today, U.S. Representative Bill Pascrell, Jr. (D-NJ-09), the Ranking Member of the House Ways and Means Subcommittee on Trade, issued a statement on reports that the United States deficit climbed to a decade-long high in October amid a record shortfall with China.
“The trade deficit in October rose to a 10-year high despite Trump’s promises to cut it. Ironically, the record shortfall with China comes just as Trump is slapping tariffs on imports from the country. His chaotic policies on China have done nothing to ease our trade deficit or bring back American jobs.”
According to the Bureau of Economic Analysis, the goods and services deficit was $55.5 billion in October, up $0.9 billion from $54.6 billion in September, revised. October exports were $211 billion, $0.3 billion less than September exports. October imports were $266.5 billion, $0.6 billion more than September imports. Year-to-date, the goods and services deficit increased $51.3 billion, or 11.4 percent, from the same period in 2017. Exports increased $149.3 billion or 7.7 percent. Imports increased $200.6 billion or 8.4 percent.