Saturday, December 17, 2005

Bad news

U.S. Trade Deficit Reaches All-Time High

WASHINGTON - A surge in oil imports and a flood of Chinese televisions, toys and computers helped to drive the U.S. trade deficit to an all-time high in October.

The Commerce Department reported Wednesday that the gap between what America sells overseas and what it imports rose by 4.4 percent to $68.9 billion, surpassing the record of $66 billion set in September.

The United States incurred record deficits in October with most of its major trading partners including China, the 25-nation
European Union, Canada and Mexico. This development is certain to increase protectionist pressures in Congress, with many lawmakers already unhappy with the Bush administration's trade policies.

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