US trade deficit balloons as imports break record - News Summed Up

US trade deficit balloons as imports break record


AFP, WASHINGTONA hungry US economy powered by a strong US dollar saw record imports in September, driving the US trade deficit to its highest level in seven months, the US government reported on Friday. Amid US President Donald Trump’s trade war with Beijing, the US trade deficit with China swelled again as crucial soybean exports — a sore spot for Republicans in next week’s midterm elections — continued to suffer. The US trade deficit posted its fourth straight monthly increase, rising 1.3 percent to a seasonally adjusted US$54 billion, significantly overshooting analysts’ forecasts, as imports hit US$266.6 billion, the highest level ever recorded. Goods imports from China hit a record of US$47.7 billion, seasonally adjusted, an increase of US$3.5 billion from August. US imports rose faster than exports on robust spending by companies and consumers — driving the US goods deficit to its highest level ever recorded at US$76.3 billion.


Source: Taipei Times November 03, 2018 15:56 UTC



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