U.S. Trade Deficit Hits New High in 2014, More Proof of Trade Deals' Broken Promises

The U.S. trade deficit grew by 6 percent to $505 billion in 2014, the U.S. Commerce Dept. reported, with a record high of $2.9 trillion imports.

For December alone, the trade deficit jumped 17 percent, the biggest one-month increase since July 2009. Exports fell while there was a record number of imports in consumer goods and non-petroleum related products.

These numbers sharply disprove the wishful thinking that supporters of the Trans-Pacific Partnership are pushing, that is, trade deals like TPP will create U.S. jobs.

Under just three trade deals – NAFTA, China and Korea – the U.S. has lost 4 million jobs, and exports last year fell short of President Obama's goal. The TPP would make this grim trade picture even worse, driving U.S. jobs to countries like Vietnam and Malaysia.

A new CWA report, "The Trans-Pacific Partnership: the Latest in a Broken Record of Broken Promises" details the empty claims, particularly for workers and communities, that have been made about past trade deals and the TPP.

CWA and a coalition of more than 100 organizations – environmentalists, unions, people of faith, consumer groups, communities, students and more – are fighting to stop Fast Track authority for the TPP and other trade deals.