U.S. Trade Deficit With China Widens

The United States Trade Deficit grew from 46.3 to 47.6 billion dollars in July. Economists today are concerned about China's dominance of trade on the effect of the current global economy. Furthermore, the Obama Administration is pressing China to allow its currency to appreciate, hoping to lessen China's exports by making them more expensive. In addition, even some government officials want to impose trade tariffs on China. Although economists have mixed feelings on how to lessen the imbalance, one economist suggested that U.S. consumers shift their consumption of Chinese goods to U.S. produced goods.