Given the broader Asian economic turmoil and the global economic slowdown, this year's financial crisis could become 1999's trade crisis. This morning we reported our latest trade numbers. And they are not good. While the deficit improved slightly in October, the overall picture remains grim. Meanwhile, the trade gap with China showed little improvement.
China is the source of the second-largest U.S. trade deficit, after Japan.
And if we do, there could be a public backlash in America. As these numbers worsen, workers fear for their jobs. The issue of trade moves from Wall Street to Main Street. Mr. Minister, we have discussed these problems before. All we want is a fair shake for American companies.