(CNSNews.com) -- When asked about the potential danger a trade deficit with Communist China could pose to the United States, House Speaker Paul Ryan (R-Wisc.) said the real problem is that China steals intellectual property and doesn’t play by the rules.
At the U.S. Capitol on Thursday, CNSNews.com asked Speaker Ryan, “The U.S. is running a record trade deficit with China -- $152 billion in the first five months of this year -- is that a problem for the United States?”
Speaker Ryan said, “I think what’s a problem for the United States is that China steals our intellectual property. I think a problem for the United States is China oversupplies commodities and dumps [them] on the foreign markets and trans-ships through third party countries.”
“The problem is not that they’re playing by the rules and winning in a fair exchange,” he said. “The problem is they’re skirting the rules, and that’s not fair.”
As CNSNews.com reported on July 9, the U.S. trade deficit with China for the first five months of 2018 was $152,237,500,000 -- the United States exported $52,902,300,000 in goods to China while importing $205,139,800,000 in goods from China from January through May.
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.