Tariff Man: US Trade Deficit Hits Ten-Year High

The Associated Press reports:

The Commerce Department said Thursday that the gap between the United States sells and what it buys from foreign countries hit $55.5 billion in October, the fifth straight increase and highest since October 2008.

The politically sensitive deficit in the trade of goods with China rose 7.1% to a record $43.1 billion.  The goods gap with the European Union widened 65.5% to a record $17.6 billion. President Donald Trump campaigned on a pledge to slash America’s longstanding trade deficit with the rest of the world.

Despite his import taxes on steel, aluminum and Chinese goods, the deficit so far this year is running 11.4% above January-October 2017. U.S. exports of soybeans, targeted for retaliatory tariffs by China, dropped 46.8% in October.