U.S. trade deficits have been increasing far too long!
Higher oil prices and Americans' unquenchable thirst for imports of all kinds pushed the U.S. trade deficit to a record $66.1-billion in September.
The trade deficit included a record monthly gap with China (up 8.9 per cent to $20.1-billion), according to the U.S. Commerce Department; it was the largest imbalance the United States has ever recorded with a single country.
The trade deficit in the third quarter represented a record 5.7 per cent of U.S. gross domestic product.
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