Trade Deficit With China Hits New Record… TESLA to Build Auto Factory in Shanghai

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(CNSNews.com) – The U.S. merchandise trade deficit with China set a record through May, hitting $152,237,500,000 for the first five months of 2018, according to data released Friday by the Census Bureau.

From January through May, the Census Bureau reports, the United States exported $52,902,300,000 in goods to China while importing $205,139,800,000 in good from China.

That means the dollar value of the goods the U.S. has bought from China so far this year is 3.87 times greater than the dollar value of the goods China has bought from the United States.

Before this year, the largest merchandise trade deficit with China in the first five months of the year was in 2015, when it hit $148,499,390,000 in constant May 2018 dollars (adjusted using the Bureau of Labor Statistics inflation calculator).

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Tesla to Build Auto Factory in Shanghai

The electric-car maker will set up and own a plant that is expected to produce 500,000 vehicles a year

SHANGHAI—Tesla Inc. will build a factory in Shanghai, the city government said Tuesday, a move expected to boost sales in the world’s largest auto market but that comes as U.S. companies face pressure to keep jobs at home.

The electric-car maker will set up and own the plant that is expected to produce 500,000 vehicles a year sometime next decade, the Shanghai authorities said. Tesla Chief Executive Elon Musk was in Shanghai to sign the agreement, authorities said.

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