U.S. trade deficit sets another record
Last Updated Fri, 10 Feb 2006 10:06:10 EST
CBC News
The U.S. trade deficit soared to an all-time high of $725.8 billion US in 2005, up 17 per cent over the previous year, as Americans imported record amounts of oil, food, cars and other consumer goods.
The deficit with Canada hit an all-time high, as did America's deficits with China, Japan, Europe, the OPEC countries and Latin America.
It's the fourth consecutive record year for the United States, raising more concerns about President George W. Bush's trade policies.
FROM JAN. 18, 2006: Buffett warns of turmoil with U.S. trade deficit
The country has lost nearly three million manufacturing jobs over the past five years, while its debt has risen to levels that concern many economists.
Billionaire investor Warren Buffett warned last month that the U.S. trade deficit is a bigger threat to the domestic economy than either the federal budget deficit or consumer debt.
"In my view, it will create political turmoil at some point," he said. Pretty soon, I think there will be a big adjustment."
http://www.cbc.ca/story/business/national/2006/02/10/usdefi-060210.html
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