"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"

This quote by Jo Ann Emerson is describing the increasing trade deficit of the United States, and the portion of that deficit credited to China. This is a warning that the U.S. economy is in risk of losing its status as a leader in world trade. The trade deficit is the difference in between the value of goods and services imported to the U.S. and the value of goods and services exported from the U.S. As the trade deficit increases, the U.S. is losing its competitive edge in the international market. This might result in a reduction in financial development and job chances. The U.S. must take steps to minimize its trade deficit and protect its reputation as a leader in world trade. This might include working out much better trade deals with China, increasing exports, and reducing imports.