U.S. Trade Deficit Rises to Record $69.9 Billion

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he U.S. trade deficit rose to a record $69.9 billion in August on soaring imports that widened the shortfall with China to an all-time high, the Commerce Department said Tuesday.

The increase follows a shortfall of $68 billion in July. Economists had forecast the deficit to rise to $66.7 billion in August, Bloomberg reported.

Imports rose 2.4% in August to a record level of $26.7 billion while exports increased 2.3% and the deficit with China widened to $22 billion, Bloomberg reported.