Vegas
11-12-2007, 09:28 AM
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/11/12/ccview112.xml
Like a great battleship at sea, the US industrial and export machine is slowly turning around. Within a couple of years, its big guns will be sweeping the world again, ready to silence pious talk about America's trade deficit - and to menace chunks of Europe's manufacturing base.
The fast-inflating economies of China, emerging Asia and Eastern Europe will be reminded globalisation cuts both ways. Jobs can flow from Shanghai to Los Angeles.
US exports reached a record $140bn (£66.5bn) in September, powered by Prairie grains, Texas cotton, semiconductors, chemicals, even cars. "I put the US economy up against any in the world in terms of competitiveness - that's a fact," said US Treasury Secretary Hank Paulson.
The US trade deficit has fallen to $56.5bn, down 14pc in a year. The current account deficit has slimmed from 7pc of GDP in early 2005 to 5.5pc, and is narrowing fast. Bad, but no longer catastrophic.
Like a great battleship at sea, the US industrial and export machine is slowly turning around. Within a couple of years, its big guns will be sweeping the world again, ready to silence pious talk about America's trade deficit - and to menace chunks of Europe's manufacturing base.
The fast-inflating economies of China, emerging Asia and Eastern Europe will be reminded globalisation cuts both ways. Jobs can flow from Shanghai to Los Angeles.
US exports reached a record $140bn (£66.5bn) in September, powered by Prairie grains, Texas cotton, semiconductors, chemicals, even cars. "I put the US economy up against any in the world in terms of competitiveness - that's a fact," said US Treasury Secretary Hank Paulson.
The US trade deficit has fallen to $56.5bn, down 14pc in a year. The current account deficit has slimmed from 7pc of GDP in early 2005 to 5.5pc, and is narrowing fast. Bad, but no longer catastrophic.