WASHINGTON, D.C., (February 9, 2022) — Today, Americans for Free Trade spokesperson Jonathan Gold released the following statement in the wake of reports that the U.S. trade deficit hit record levels in 2021.
“This record trade deficit – in large part due to a high demand for foreign imports – reinforces the need for immediate relief from tariffs on goods imported from China. These tariffs failed to accomplish their stated goal of creating leverage in negotiations with China, which has fallen woefully short of its purchase agreements outlined in the Phase One Trade Deal. Beyond that, they artificially increase the cost of importing the goods that American businesses need in order to operate. We continue to call on the Biden administration to end the tariffs that remain in place and put an end to this misguided and failed trade policy.”
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BACKGROUND
US taste for imports drives 2021 trade gap to record $859B (Paul Wiseman, Associated Press, 2/8/22)
Economic Recovery Pushed 2021 U.S. Trade Deficit to Record Level (Yuka Hayashi and Anthony DeBarros, The Wall Street Journal, 2/8/22)
The U.S. trade deficit soared to a record last year. (Ana Swanson, The New York Times, 2/8/22)
U.S. trade deficit hit record in 2021 (Erin Doherty, Axios, 2/8/22)
China bought none of the extra $200 billion of US exports in Trump’s trade deal (Chad P. Bown, Peterson Institute for International Economics, 2/8/22)Exclusive: U.S. calls for ‘concrete action’ from China on trade deal (Andrea Shalal and David Lawder, Reuters, 2/7/22)