Max Baucus: “I rise to note that this week the world's finance ministers and central bank presidents have gathered in Washington for…”

“I rise to note that this week the world's finance ministers and central bank presidents have gathered in Washington for the annual meeting of the World Bank and the International Monetary Fund. I suspect that Secretary of the Treasury Rubin reminded us last week that, despite the hype about the end of the world's financial crisis, we are just at the starting point of making those structural changes necessary to put the globe back on a solid growth path. Obviously, it is critical to repair the global financial system, and Secretary Rubin has been the leader in this with excellent ideas. But there is a whole other piece, which we can't ignore; that is, the need to maintain and expand an open trading system. Take a look at some troubling trade statistics released last week. First, the United States merchandise trade deficit in February hit an all-time record--over $19 billion. Imports into the United States are growing faster now than at any time in the last four years. Furthermore, American exports are lower than they were just one year ago. And remember that one billion dollars in exports equals about 12,000 jobs. Japan and China seem to be in a race to see who will have the largest deficit with us. Japan's trade deficit with the United States in February was over $5 billion, while China's was a little under $5 billion. There is more.…”