Oil costs send US trade deficit soaring

Oct 14, 2004 02:00 AM

Fuelled by a record oil import bill, the US trade deficit surged to almost £ 30 bn in August, the second highest level in history.
The politically sensitive deficit with China hit a new high as American retailers increased their orders for mobile phones, toys and televisions.

The Commerce Department said the August trade deficit in goods and services was 6.9 % higher than in July. A small 0.1 % rise in exports was dwarfed by a 2.5 % jump in imports.
For the year, America's trade deficit is running at a record annual rate of £ 327 bn, 19 % higher than the previous record set last year.

The trade performance has become an issue in the presidential race with Democratic challenger John Kerry charging that President George Bush has not done enough to protect American workers from unfair trade practices from low wage countries such as China.

Source: scotsman.com
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