Trade Deficit in U.S. Increases by Most Since 1999

[Godhumor]

Source: Bloomberg

Nov. 13 (Bloomberg) -- The trade deficit in the U.S. widened in September by the most in a decade, reflecting rising demand for imported oil and automobiles as the economy rebounded from the worst recession since the 1930s.

The gap grew a larger-than-anticipated 18 percent to $36.5 billion, the highest level since January, from a revised $30.8 billion in August, the Commerce Department said today in Washington. Imports surged by the most in 16 years, swamping a gain in exports.

...

Asia is “leading the world” back to recovery, Geithner told reporters at a joint press briefing with his APEC counterparts. President Barack Obama began a swing through Asia today as world leaders work toward a rebalancing that will make global growth more reliant on spending by Asian consumers and businesses and less dependent on their American counterparts.

...

The U.S. is growing again after posting its worst contraction in seven decades. The world’s largest economy expanded at a 3.5 percent annual rate in the third quarter, the best performance in two years. Economists surveyed last month forecast a 3 percent rate of growth this quarter.

Read more: http://bloomberg.com/apps/news?pid=20601087&sid=aN1mKmvVAZp4&pos=1

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More in the article about Cash for Clunkers spurring demand for car parts, etc. from overseas. Also some paragraphs dealing with the expanded desire for American goods overseas.

[WriteDown]

1. This is why tariffs will never work. nt

[brentspeak]

12. A non-sequitur lacking any supporting argument n/t

[WriteDown]

13. Its fairly easy...

When you have a GIANT TRADE DEFICIT you cannot enact tariffs because you have ZERO leverage.

[ixion]

2. "as the economy rebounded from the worst recession since the 1930s"

only if you happen to work on Wall St.

I don't buy the whole 'rebound' thing. I'm not seeing it.

[madrchsod]

8. i think during the 30`s it was called a depression not a recession

but let`s not be debbie downer with the facts

[mbperrin]

3. Hard for Americans to buy things with no jobs.

Just sayin'.

[Dreamer Tatum]

7. Looks like we have no problems buying foreign shit. That's sort of the point. nt

[mbperrin]

14. Well, oil refiners have no problem buying foreign oil, and automakers

have no problem buying foreign parts.

We'll see how that translates down to retail.

[Dreamer Tatum]

15. Touche nt

[bulloney]

4. The dollar is down vs. many other currencies since '99. U.S. joblessness means lower demand.

So, why has the trade deficit increased by so much?

[Dreamer Tatum]

10. The dollar was fairly strong until a few months ago. nt

[BumRushDaShow]

5. "...reflecting rising demand for imported oil... "

:wtf:

What?! From who? Certainly not American motorists. Refined stockpiles of gasoline have exceeded demand, resulting in refineries all over the country either shutting down and laying off/idling employees or burning down with mysterious fires (see Puerto Rico) in order to maintain the excessive prices with a forced "lowered" supply. This whole thing is just total bullshit.

[madrchsod]

6. the us is growing again.......

:rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl:

sorry i could`t contain myself.

[neverforget]

9. The only thing growing is Wall Street bonuses and their egos.

Can we export that? :shrug:

[Ozymanithrax]

11. The Weak dollar policy that keeps the relative worth of the dollar low to encurage exports of...

American goods is an utter failure. Coupled with moving manufacturing of most goods Americans buy off the shelves to China and other countires, this has led direclty to the trade deficite. What we need is a srong dollar policy and high tarifs so that people will return to manufacturing the common goods we all buy at Wallmart, Target, and everywhere else.