International trade deficit surges to highest in a decade as imports rise, US exports drop
Source: CNBC
he U.S. trade deficit jumped to a 10-year high in October as soybean exports continued to fall and imports of consumer goods rose to a record high, suggesting the Trump administration's tariff-related measures to shrink the trade gap likely have been ineffective.
The Commerce Department said on Thursday the trade deficit increased 1.7 percent to $55.5 billion, the highest level since October 2008. The trade gap has now widened for a five straight months. Data for September was revised to show the deficit rising to $54.6 billion instead of the previously reported $54.0 billion.
The politically sensitive goods trade deficit with China surged 7.1 percent to a record $43.1 billion in October.
The United States is locked in a bitter trade war with China. Washington has imposed tariffs on $250 billion worth of Chinese imports to force concessions on a list of demands that would change the terms of trade between the two countries.
Read more: https://www.cnbc.com/2018/12/06/international-trade-surges-to-highest-in-a-decade-as-imports-rise.html
More winning from tRump--for the US opponent
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The deficit edged up to $55.5 billion from a revised $54.6 billion in September, the Commerce Department said Thursday. That’s the biggest deficit since October 2008.
Economists polled by MarketWatch had forecast a $55.1 billion gap.
What happened: Imports rose 0.2% to $266.5 billion in October, also a record. The U.S. imported more autos, drugs and other consumer goods.
Exports slipped 0.1% to $211 billion. Shipments of industrial supplies increased, but exports of soybeans and airplanes fell.
The trade deficit with China in goods rose again to a fresh all-time high of $43.1 billion.
https://www.marketwatch.com/story/us-trade-deficit-climbs-to-10-year-high-despite-tariffs-tough-trump-stance-2018-12-06?mod=newsviewer_click
