The US economy relies heavily on rubbermaid producers, who can make a living from selling their goods to people living outside the US.
However, with production from China increasing rapidly, US rubbermaid production is on the decline, according to a report by the US Government Accountability Office (GAO).
In the year ending March 2019, the US exported $1.2 billion worth of rubbermaid products, down from $1 billion the year before.
According to the report, the increase in US exports came from more than 70 countries, which means the US is the biggest exporter of rubber-mills and rubbermaid rubber products outside of the US, with more than $2.5 billion worth being exported in 2019.
The report says the US export growth is driven by a surge in rubbermaid imports, which have risen by nearly 10 percent in the past five years.
But this growth has led to increased demand for rubbermaid and other rubber products by consumers in China, India, South Korea and other Asian countries.
Some of these countries are buying up the surplus rubbermaid produced by US companies, but many of the rubbermaid factories are still owned by foreign nationals.
While the GAO says the country’s rubbermaid supply chain is highly efficient, the companies profit from this.
For example, when the US Rubbermaids company was bought by a Japanese company, it increased its earnings by 10 percent.
“If you can’t get the rubber from the rubbermonger in the US to sell to you, you are probably going to be going to a Chinese rubber-manufacturing plant,” said David C. O’Neil, president of the Rubber Manufacturers Association of America, an industry group.
If you look at a rubbermaid plant in China where it’s not even a factory, that is a waste of resources,” he said.
In a statement to ABC News, US President Donald Trump said he was “deeply disappointed” with the GAOV report, but said he believed that “the rubbermaid manufacturing industry can recover.”””
The GAO found that the US had about 4.6 million rubbermaid exports, or about one out of every 20 rubbermaid manufacturers in the country,” said GAO Director of Regulatory Analysis Mark A. Garten.
In a statement to ABC News, US President Donald Trump said he was “deeply disappointed” with the GAOV report, but said he believed that “the rubbermaid manufacturing industry can recover.”
“While the US rubbermills export to China and India, we have also exported rubbermaid to South Korea, India and Brazil, as well as many other Asian and European countries,” the statement said.
“While our economy is the largest exporter in the world, our production is not keeping pace with demand for these products.
I am confident that our production will return to pre-recession levels,” Trump said.