Washington — US runs up another record in its foreign trade deficit
The nation's merchandise trade deficit soared in April to the fourth straight monthly record, as Americans bought more imported goods than ever while exports fell, the government said Wednesday.
The Commerce Department said the foreign trade deficit - exports minus imports - hit $12.19 billion in April. For the first four months it totaled $42. 01 billion.
The rapidly deteriorating trade position of the United States is costing the country about 25,000 jobs for each $1 billion in sales lost to producers abroad, government economists say, jeopardizing the stability of international currency levels.
The big trade deficits, along with high interest rates and soaring federal budget deficits, are a cause of concern to the administration as President Reagan campaigns for a second term.