The U.S. trade deficit surged to another record as the country’s foreign oil bill climbed sharply, auto imports rose and Americans’ taste for imported wines helped increase the deficit in food products.
The Commerce Department reported on Thursday that the deficit jumped by 5.3 percent in January to an all-time high of $68.5 billion. The worsening of the deficit exceeded analysts’ expectations and was certain to provide ammunition for critics of President Bush’s trade policies.
