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Gap in US Trade Deficit Grows

American's love of imported goods, such as cars and computers, and the strong US economy have added to the US trade deficit at a rate that has surprised the Feds. Rising to a record $25.18 billion, the deficit has softened the dollar against foreign currencies and driven down the Dow Jones industrial average by 2.08 percent (or 225.43 points). In July, 1999, the trade deficit with Canada rose by 28 percent and the trade deficit with Western Europe rocketed an astounding 38 percent. William Daley, the US Commerce Secretary, reports that the trade deficit may continue to grow in the coming months. In order to secure US jobs, Congress is anxious to slow the shipment on foreign goods, ranging "from Japanese steel to Canadian wheat." The following seven resources provide news, background information, and commentary on this issue.
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Scout Publication
Date of Scout Publication 1999-09-23
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