U.S. trade deficit soars to record high
Tuesday, May 4, 2021 | Tag Cloud Tags: deficit, Economy, News, Trade, Worthy News | Learn about out FREE SYNDICATION
(Worthy News) – As cargo ships clogged U.S. ports, the trade deficit soared to a record high in March. The Commerce Department reported Tuesday that the trade gap widened by 5.6%.
Businesses with low inventories are forced to import more goods because manufacturers can’t satisfy the surge in demand. Americans splurged on foreign-made clothing, toys, and furniture.
The trade gap could widen further as the U.S. economy rebounds faster than its global rivals. [ Source: Yahoo (Read More…) ]
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