"This really exceeded our
worst fears," said Michael Woolfolk, a senior currency strategist with
Bank of New York. He was speaking of the U.S. trade deficit.
Overall imports to the US rose by 2.4% during the month to $171.3 bn, while US explorts fell by 2.6% to $105.2bn, the US Commerce Department said.
The soaring US deficit came as China reported a record global trade surplus of its own of $12bn in October. Tomorrow we release our findings at the LERN conference in Las Vegas on how the kids will turn that trade deficit and balance our imports and exports.
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