WASHINGTON  -- U.S. Rep. Benjamin L. Cardin, Ranking Member on the Trade Subcommittee of the Ways & Means Committee, today condemned the record $61 billion U.S. trade deficit for February saying “deficits of this magnitude represent a serious threat to our nation’s economy.” 

In figures released today by the U.S. Department of Commerce, the U.S. trade deficit surged to an all-time high of $61.04 billion, up 4.3% from the January trade deficit of $58.5 billion.  According the Commerce Department, in February the small rise in U.S. exports of $50 million was overwhelmed by a staggering $2.58 billion increase in foreign imports to the United States.

“These latest figures clearly indicate that the Administration's trade policies are not working.  This week, the Ways & Means Committee will be examining China’s trade practices, including its currency manipulation, and the weak response from the Administration,” said the Congressman. 

Rep. Cardin has strongly urged the Administration to utilize remedies that are at its disposal to aggressively enforce U.S. trade rights.  In March, the Congressman urged the Administration to file 11 new cases before the World Trade Organization, which include the Europe Union’s subsidies of Airbus, China’s intellectual property rights violations and Japan’s non-tariff barriers to U.S. auto and auto parts.

“The Administration’s trade policies have contributed to the loss of three million U.S. jobs since 2000.  I urge the President to develop an effective U.S. trade policy - one that addresses the unfair practices our trading partners are using to restrict our exports and to flood our market with their goods.”