Trade Deficit: Oil Fuels a December Surge

The Commerce Dept. is reporting a larger-than-expected jump in the trade deficit, with both imports and exports setting records

The surge in oil prices continues to reverberate through key U.S. economic reports. Case in point: The U.S. trade deficit in November surged to the highest level in 14 months, reflecting record imports of foreign oil. The deficit with China declined slightly, while the weak dollar boosted exports to another record high.

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