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US Trade deficit down by 6.9% in 2007

This after hitting record levels for 5 straight years. The deficit with China was up 10.2% however.

December 2007 - petroleum imports were more than half the total U.S. trade deficit, but non-petroleum products fell to $34.8 billion, its lowest level since November of 2003.

The U.S. had record exports to China of $6.9 billion and trade deficit with that country fell 21.5% to $18.8 billion.


source

CNN attributes this to a slowing in the economy - which I am sure accounts for part of it. I would bet though that the rest stems from the weaker dollar, which makes American goods cheaper overseas.

In related news the WTO ruled that China’s taxes on foreign made car parts was protectionist. This was the first WTO defeat for China. I am pretty sure it won’t be the last. There are a ton of complaints moving through the system already.

source

Below is the Chinese ambassador reacting to the ruling:

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This entry was posted on Thursday, February 14th, 2008 at 8:41 am by Chad and is filed under Big Thoughts. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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2 Responses to “US Trade deficit down by 6.9% in 2007”

  1. 1
    Taxes » US Trade deficit down by 6.9% in 2007 Says:
    February 14th, 2008 at 9:47 am

    […] Independent Sources wrote an interesting post today on US Trade deficit down by 6.9% in 2007Here’s a quick excerptUS Trade deficit down by 6.9% in 2007 February 14th, 2008 by Chad This after hitting record levels for 5 straight years. The deficit with China was up 10.2% however. December 2007 - petroleum imports were more than half the total U.S. trade deficit, but non-petroleum products fell to $34.8 billion, its lowest level since November of 2003. The U.S. had record exports to China of $6.9 billion and trade deficit with that country fell 21.5% to $18.8 billion. source CNN attributes this to a […]

  2. 2
    US Trade deficit down by 6.9% in 2007 | car parts Says:
    February 16th, 2008 at 6:34 am

    […] Read the rest of this great post here […]