Byron Dorgan: “Well, as the Senator knows, I have felt very strongly about our trade deficits. The one area of our economic performance…”

“Well, as the Senator knows, I have felt very strongly about our trade deficits. The one area of our economic performance that is very troubling is the area of trade indebtedness that continues now to mushroom. In fact, just in the last week, we saw an announcement that we have experienced the largest trade deficit in the country's history. I am particularly concerned about our merchandise deficits, because that reflects the deficits in terms of the goods that you produce, not services and because it is an indicator of the health of the manufacturing economy. I don't think you can remain a world economic power unless you have a vibrant, strong manufacturing sector. I am very concerned about the trade deficits, and I have spent a great deal of time talking to our Trade Ambassador and this administration. I think our trade policies need adjustment. It is not that I don't believe we shouldn't have expanded trade around the world; of course we should. But this country needs to stand up for its own economic interests in a thoughtful and useful way. We need to stand up for our interests with respect to the Chinese, the Japanese, the Europeans, and others to say that our market is open to your goods, it is wide open, but only on the condition that trade between our country and yours is fair.”