Free trade is just Beautiful!
By MARTIN CRUTSINGER, AP Economics Writer
41 minutes ago
WASHINGTON - The U.S. trade deficit surged to another record as the country's foreign oil bill climbed sharply, auto imports rose and Americans' taste for imported wines helped increase the deficit in food products.
The politically sensitive imbalance with China also rose in January, reflecting a flood of Chinese cell phones and clothing.
The Commerce Department reported on Thursday that the deficit jumped by 5.3 percent in January to an all-time high of $68.5 billion. The worsening of the deficit exceeded analysts' expectations and was certain to provide ammunition for critics of President Bush's trade policies