Washington Post, September 12, 2008 issue published US trade deficit to the highest level in 16 months as oil imports hit all time high,offsetting strong export growth. The deficit with China climbed to the second highest level on record.
The Commerce Department reported that the deficit rose by 5.7% to $62.2 billion in July, worse than the $58 billion deficit that Wall Street expected. It pushed the gap between what America imports and what it sells abroad to the highest level since March 2007. Imports rose 3.9%, to a record $230.3 billion. Exports rose 3.3%, to $168.1 billion, also a record.
According to Radio broadcast right now,the stock market is going southward. The state of US economy is down affecting China's economy as well in terms of globalization.
Francis Shieh a.k.a. Xie Shihao, the daily consumer watching other consumers buy products from China due to family budget constraint as the impact from the state of US economy. September 12, 2008 at 11.11 a.m.
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