Another year, another record trade deficit for the Bush assministration.
The U.S. trade deficit soared to a record of $617.7 billion last year as Americans’ appetite for all things foreign, from crude oil to cars, hit all-time highs. The United States even rang up a deficit in farm goods as imports of wine, cheese and other food products hit a record.
The Commerce Department reported that the deficit for all of last year was 24.4 percent above the previous record, an imbalance of $496.5 billion in 2003. The U.S. deficit with China also set a record of $162 billion, up 30.5 percent from last year and the largest imbalance ever recorded with a single country.