Republicans criticize Biden administration as trade deficit nears $950 billion

Republicans are criticizing the Biden administration as the U.S. trade deficit swells to nearly $950 billion.

Iowa Congressman Randy Feenstra tells Brownfield the biggest issue is China.

“Right now China imports into America $538 billion, and we export to them only $151 billion. So this is a very significant trade deficit.”

Senate Agriculture Committee Ranking Member John Boozman of Arkansas says while the negative trade balance is disappointing, it’s not a surprise given the lack of attention the Biden administration has placed on trade.

Feenstra says the U.S. must stay competitive on the global market.

“Prices are doing well right now, but that’s not sustainable. We need to drive our trade not only with China but with the Pacific Rim, European countries. And it just seems to me that we have not done a very good job.”

Boozman says with record high input costs and rising interest rates, reduced global trade of U.S. ag products only worsens the economic standing of farmers and ranchers.

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