News that China has moved past Japan and now ranks #2 in the world economy should have U.S. manufacturers fearful of being the next to fall. I know I am.

Things are not looking good in the United States, promises of “a new president, an improved economy” notwithstanding. Last Wednesday, the U.S. Census Bureau/U.S. Bureau of Economic Analysis announced that the U.S. goods and services deficit rose almost $8 billion over May figures, to $49.9 billion in June. Exports for that period were $150.5 billion, while imports rose to $200.3 billion. In June, imports of furniture/household goods alone rose to $2.2 billion, up $181 million over May’s figures, compared to only $320 million in exports, down slightly from May’s $322 million.

That brings us to China, which continues to be the top importer of goods into the United States, yet the stingiest partner for our exports. We recorded a $26.2 billion (not seasonally adjusted) trade deficit with China in June — and $119.4 billion year to date — the most of any trading partner.

This needs to be a wake-up call to all Americans. Consumers need to support U.S. companies and Buy American. And U.S. manufacturers need to run leaner and smarter in order to keep costs down and quality up.

Only then will we be able to succeed in the world economy.