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That level of trade deficit throttles real growth in our country and continues the unfortunate path of selling out America. We are not winning the global trade war, we are losing it badly.

America's largest trade deficit is with China, a nation that enjoys Permanent Normal Trade Relations with the U.S. and ties its currency to the dollar to make it a more competitive trading partner.

We are on pace this year to have a trade deficit that is larger than $800 billion. We have never faced that before, but we continue to put forward trade agreements like these that leave us naked to competition that is neither free nor fair.

As the U.S. trade deficit, and the portion of that deficit attributed to China, continue to grow, our own economy is at risk of losing its reputation as a leader in world trade.

Too often, we restrict trade that would create U.S. jobs and is in our national interest.

This is the moment when we must build on the wealth that open markets have created, and share its benefits more equitably. Trade has been a cornerstone of our growth and global development. But we will not be able to sustain this growth if it favors the few, and not the many.

The United States as usual has a sizable deficit in the current account of its balance of payments, trade account and other current accounts, current account items.

All those trucks and barges that carry our goods to port are vital connections to the only force which can balance our trade deficit: export. We must keep doing what we do best if we are going to get America out of the red.

I hate to say it but I think it has become very obvious that our system for devising trade agreements, so very important to this country's functioning around the world, has not only broken, but it has broken completely.