The U.S. trade deficit in manufactures increased by 8% in 2012 while the Chinese surplus was up by 15%, making the total increase in the U.S. deficit $172 billion between 2009 and 2012 and the increase in the Chinese surplus $333 billion over the same period, according to a new report from MAPI. "Looking ahead, the momentum is toward still larger trade imbalances in 2013," said Ernest Preeg, senior advisor for international trade and finance at MAPI. "Less clear but far more important is the longer-term outlook over 5 to 10 years. Opinions vary as to whether the U.S. deficit in manufactures will continue to rise or begin to fall, but it is highly unlikely, on current policy course, that there will be a major decline in the deficit."
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