The U.S. trade deficit unexpectedly jumped to $46.3 billion in August, as the nation's deficit with China surged to a record $28 billion. Oil prices were the other key culprit as the petroleum deficit surged 5.7%.
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The U.S. trade deficit fell to $42.8 billion in July from $49.8 billion in June. The gap remains huge, but if the trends continues in the months ahead, trade will boost U.S. GDP growth above current forecasts.
With the U.S. consumer economy in the doldrums, the impact is being felt globally. From China to Germany and Canada to Japan, America's major trading partners are struggling to adapt to a sudden decline in U.S. imports.
May's unexpected rise in the U.S. trade deficit to $42.3 billion isn't likely to resolve the tug of war between the economic optimists and pessimists. Imports and exports both grew, but imports grew marginally faster.
April's trade report provides fodder for the bears, who will likely point to the month's 0.7% drop in exports as further evidence that international demand is not going to drive a self-sustaining recovery in the U.S.
Minus the $2.76 billion increase in payments for imported oil in March, the month's $40.4 billion trade deficit -- a 12-month high -- would have declined from February's $39.4 billion.
The U.S. trade deficit rose to a 15-month high as rising oil prices pushed crude oil imports to the highest level since the fall of 2008, offsetting another strong gain in exports. The larger deficit is evidence of a rebounding U.S. economy.
If you could wave a magic wand and do whatever it took to fix the U.S. economy, what changes would you make? These five wishes, if granted, would likely result in good things for U.S. investors and the economy for decades to come.
The trade deficit jumped 7.4% to $39.7 billion in February, the Commerce Department announced Tuesday. Both imports and exports grew, but imports grew at a faster pace than economists had forecast.
Geithner squeezed in a trip to Beijing on his way home from a visit to India. His mission: to diffuse ever-increasing U.S. trade tensions with China ahead of a meeting next week between the two countries' leaders. Chinese officials may be in a mood to compromise.
The U.S. trade deficit, aided by a lower imported petroleum bill, unexpectedly fell 6.6% to $37.3 billion in January, the Commerce Department said Thursday.
The trade deficit unexpectedly widened for the third straight month in December, the Commerce Department said, as rising imports out-paced rising exports.