Economy

U.S. trade deficit surges to new record; shortfall with China rises

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A container ship is guided by tugboats out of the terminal at the Port of Long Beach-Port of Los Angeles complex, amid the coronavirus disease (COVID-19) pandemic, in Los Angeles, California, U.S., April 7, 2021.

Lucy Nicholson | Reuters

The U.S. trade deficit hit a fresh record high in March as consumers flush with government cash spurred a continuing demand for foreign-made goods.

With a new round of $1,400 stimulus checks pouring in and the domestic economy continuing to show substantial improvement, the imbalance in goods and services with the rest of the world swelled to $74.4 billion, the Commerce Department reported Tuesday.

That’s the highest level ever in a data series that goes…



Source cnbc.com

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