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US will retake economic superpower crown

Clipped to the Drawing Board by Ali Hamoud

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, engineering and 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.

This is the first fruit of devaluation, enough to hobble Airbus and prompt French president Nicolas Sarkozy to warn of "economic war" on Capitol Hill last week.

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Friday 16 November, 2007 08:06 AM

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