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U.S. Trade Deficit at $59.1B; Job Losses Mount

Posted on October 12, 2008

On Friday, the Commerce Department reported the August deficit on trade in goods and services was $59.1 billion. This was not much changed from the July deficit of $61.3 billion.Still, the trade deficit remains high because of high prices for imported crude oil and refined products, subsidized imports from China, and the continuing woes of the Detroit automakers. At nearly five percent of GDP, those pose a significant drag on the economy and combine to destroy millions of high paying U.S. jobs....

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china , crude , deficit , economy , gdp , refined