US trade deficit hits record high

The US trade deficit widened to a record high in February due to the difference in the recovery of economies after the Corona crisis

According to Reuters, the deficit jumped 4.8% to a record $71.1 billion and could remain at that level for the rest of the year.

Total imports fell 0.7% to $258.3 billion. Imports of goods fell 0.9% to $219.1 billion. These figures reflect supply chain constraints.

“Cargo ships have been forced to anchor outside the ports of Los Angeles and Long Beach, through which about a third of imports pass, as ports struggle to unload incoming ships”, –  said Jay Bryson, chief economist at Wells Fargo Securities in Charlotte, North Carolina.

Adjusted for inflation, the goods trade deficit widened to a record $99.1 billion in February from $96.1 billion in January.

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