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U.S. Trade Deficit Hits 10-Year High as Americans Snap Up Imports and China Shuns Soybeans

(Jeffry Bartash – MarketWatch)

The trade deficit rose in October to a 10-year high amid a record shortfall with China, keeping the U.S. on pace to record the largest annual gap in a decade.

The deficit edged up 1.7% to $55.5 billion from a revised $54.6 billion in September, the Commerce Department said Thursday. That’s the biggest shortfall since October 2008, and ironically, it stems in part from tariffs imposed by President Trump in an effort to reduce the deficit.

Economists polled by MarketWatch had forecast a $55.1 billion gap. Click here to read more.