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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (197650)	8/13/2004 1:51:39 PM
From: tejek	Respond to of 1586777

Snow says US trade gap shows slowing global growth Fri Aug 13, 2004 12:14 PM ET BOCA RATON, Fla., Aug 13 (Reuters) - U.S. Treasury Secretary John Snow on Friday urged Japanese and European trade allies to step up efforts to boost their economic growth and to help reduce America's burgeoning trade deficit. At a press conference after meeting local business leaders, Snow said June's record $55.8 billion trade deficit stemmed from the fact that overseas economies were slowing at a time when America was still growing and that was causing an imbalance in global demand. "I think what it reflects ... is that growth in the rest of the world appears to be slowing. The euro zone came in well below forecasted growth and Japan's growth slowed below the outlook growth there," Snow said. "We depend on prosperity in the rest of the world ... and the United States is growing much faster than the rest of the world. That causes this imbalance. We have more disposable income, we have more prosperity and this prosperity is used to buy goods and services abroad," he said. "It's awfully important for the rest of the world to pursue a growth agenda. It's important for their sake but it's also important for our sake and for the sake of American jobs." Snow has spent one day in vote-rich Florida promoting President George W. Bush's economic policies and was scheduled to head back to Washington later on Friday. reuters.com