October 11, 2008 |
The U.S. trade deficit edged down in August as foreign oil imports retreated from a record high the previous month, a drop that more than offset a setback in exports. The Commerce Department said Friday that the trade deficit declined by 3.5% in August to $59.1 billion, the smallest imbalance since June. The deficit is expected to shrink even further in coming months as a severe economic slump in the U.S. depresses demand for oil and other imported goods.
September 18, 2008 |
The deficit in the broadest measure of American trade widened in the spring, reflecting a big jump in the country's foreign oil bill. The Commerce Department on Wednesday reported that the current account trade deficit increased 4.3% to $183.1 billion in the April-June quarter, compared to a revised deficit of $175.6 billion in the first quarter.
June 21, 2008 |
U.S. steel pipe manufacturers, who have been battling a surge in imports from China, won a major victory Friday when the International Trade Commission cleared the way for the imposition of stiff penalty tariffs for the next five years. The commission voted 5 to 0 that the U.S. industry was being harmed by the import of circular steel pipe. The decision marked the first time a U.S. industry had won a decision to impose tariffs on a Chinese product based on the argument that the Chinese government was unfairly subsidizing an industry.
June 12, 2008 |
China's overall trade surplus shrank 10% in May from a year earlier, though its contentious gaps with the United States and Europe continued to expand -- suggesting more trade tensions ahead. Meanwhile, the government also reported Wednesday that China's index for producer prices, an indicator of inflation, jumped 8.2% in May, the fastest rise in more than three years, thanks to higher costs for oil and other raw materials compared with a year earlier.
May 16, 2008 |
The Bush administration has declined to cite China for manipulating its currency to gain unfair trade advantages against the United States. The finding came despite pressure in Congress for penalties because of America's growing trade deficit with China, which last year hit an all-time high of $256.3 billion. The administration said China needed to address the "substantial undervaluation" of its currency compared with the dollar.
March 12, 2008 |
The United States' trade deficit grew larger in January as imports -- including crude-oil prices -- zoomed to all-time highs. The latest snapshot of trade activity, reported by the Commerce Department on Tuesday, showed that the country's trade gap increased to $58.2 billion. That was up from a trade shortfall of $57.9 billion in December and was the highest since November. Imports of goods and services climbed to a record high of $206.4 billion in January. The United States' voracious appetite for imported crude oil, with prices skyrocketing to the loftiest on record, figured into the increasing demand for overall imports.