Tuesday, April 12, 2005

U.S. Trade Gap

The U.S. trade deficit, aggravated by surging imports of oil and textiles, soared to an all-time high of $61.04 billion in February. The surging trade deficit is leading to an increase in protectionist pressures as American textile and clothing manufacturers are lobbying the administration to limit imports of Chinese textile and clothing goods to ward off a flood of products now that global quotas have expired. Economists said the sharp deterioration in the trade deficit would trim economic growth in the January-March quarter, reflecting the fact that so much consumer demand is being met with foreign goods. I think that the U.S. should still import goods from other countries but do not soley rely on them for all of the imports. What do we need to do as a country to import less from other nations? Are there any ways to reduce this trade deficit?

No comments: