Saturday, May 20, 2000
Trade gap hits record
Crude-oil costs at all-time high
By
The Associated Press
WASHINGTON — America's trade deficit widened to a record $30.2 billion in March as the nation's bill for foreign crude oil hit an all-time high, helping swamp a strong rebound in U.S. exports.
The Clinton administration, still scrambling for votes to pass a landmark trade liberalization bill with China, sought to minimize the bad news. But opponents of the China deal pointed to the widening deficit as evidence that President Clinton's trade policies are not working.
The Commerce Department report Friday showed that the deficit for March was 5.1 percent higher than a revised February imbalance of $28.7 billion.
The trade deficit has climbed to a record every month this year as trade continues to be the one exception to what otherwise is a remarkably strong economic performance.
U.S. exports recorded a sharp rebound in March, climbing by 2.9 percent to a record $87.3 billion.
However, the export gain was overwhelmed by a 3.5 percent rise in imports, which also set a record at $117.4 billion.
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