December 14, 2005 – Fueled by a record trade deficit with China, the U.S. trade deficit rose 4.4 percent in October to a record $68.9 billion. The U.S. deficit for the year is currently running at an annual rate of $718 billion, much higher than last year’s imbalance of $617.6 billion.
Spurred by a surge of television, toy and computer imports, the U.S. trade deficit with China was a record $20.5 billion in October. The U.S. deficit with China is expected to top $200 billion this year, shattering last year’s record $162 billion imbalance.
The U.S. also set deficit records with Europe, Canada and Mexico in October, providing further evidence the trade policies of the Bush administration continue to fail the American people.
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