U.S. Trade Deficit Hits Highest Level Since January
Ahead of the holiday season, the U.S. trade gap soared by 8.6% in October to its highest level since President Trump was inaugurated on January 20. The Commerce Department’s report showed a total gap of $48.7 billion for the month, and the annual deficit is supposedly on record to exceed 2016’s total of $505 billion.
U.S. exports remain unchanged from September at $195.9 billion, while imports of goods and services hit $244.6 billion – broken down as $48.2 billion from China, $39.4 billion from the EU, and $28.7 billion from Mexico.
Additionally, in October, the average price of a barrel of imported crude oil hit its highest point since August 2015, at $47.26.
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