WASHINGTON (AP) - The trade deficit jumped to the second-highest level
in history as surging demand for foreign oil swamped a small gain in
U.S. exports, the government reported Thursday. America's trade gap
with China hit an all-time high as retailers stocked up on cell
phones, toys and televisions in preparation for Christmas sales.
The worse-than-expected trade performance in August -- a deficit of
$54 billion -- represented a 6.9 percent widening from July's trade
gap of $50.5 billion. The record monthly deficit was set in June at
In August, the trade deficit with China climbed to a record $18.1
billion, pushed higher by a surge in demand for cell phones, toys and
games, televisions and VCRs as U.S. retailers stocked their shelves in
advance of the holiday shopping season.
[ They don't mention 'dorkin tools, but I'm sure we in there