I'm no economist, but this can't be good.
The U.S. trade deficit with China ballooned to $201.6 billion last year, setting a single-country record for a third consecutive year as Americans' appetite for cheap imported clothing and electronics grew.But, not to worry, nothing to see here...did I mention that we stopped a serious terrorist threat 4 years ago? Terror terror terror. I wonder why word of that happened to come out today?
The U.S. last year recorded a deficit of $725.8 billion with all its trading partners, setting a record for a fourth consecutive year, today's Commerce Department report showed. The gap with China accounted for 28 percent of the total, up from 26 percent in 2004.
The shortfall with China has more than doubled since 2000, when it reached $83.8 billion. That year, China deposed Japan, which showed an $81.6 billion surplus, as the country with the biggest trade advantage ever against the U.S.
The deficit with Japan this year, at $82.7 billion, was also a record for that country. The 2005 deficit with China is equivalent to 1.6 percent of U.S. gross domestic product, the value of all goods and services produced. The deficit with Japan reached a high of 1.2 percent of U.S. GDP in 1986, according to Commerce figures that go back to 1985.