(Associated Press via Canadian Business)
The U.S. trade deficit widened sharply in August, reflecting a surge in imports of consumer products as businesses restocked their shelves in hopes of a pickup in consumer demand.
The politically sensitive deficit with China climbed to an all-time high, a development that was certain to increase pressure on the Obama administration to take a tougher line on trade issues including China's tightly controlled currency.
The Commerce Department said Thursday the deficit in August increased 8.8% to US$46.3 billion. Exports edged up a slight 0.2% but this increase was swamped by a 2.1% jump in imports. Read more here.