US trade deficit hits record $73.3 billion in Aug

The total deficit so far this year is $558.1 billion, 33.7 per cent higher than last year when pandemic-related shutdowns curbed US appetite for foreign goods.

The trade deficit represents the gap between what the country exports and its imports.

The goods deficit with China surged by 10.8 per cent to $31.7 billion in August, a global newswire reported. This year's deficit with China for the first eight months totals $218.9 billion, up by 13.7 per cent from the same period a year ago.

Fibre2Fashion News Desk (DS)