more outsourcing needed ????
Despite Dec. dip, trade gap up 24% in 2004 to record
The Associated Press
The U.S. trade deficit soared to a record of $617.7 billion last year as Americans' appetite for all things foreign from crude oil to imported cars hit all-time highs. The United States even rang up a deficit in farm goods as imports of wine, cheese and other food products hit a record.
The Commerce Department reported that the deficit for all of last year was 24.4% above the previous record, an imbalance of $496.5 billion in 2003. The U.S. deficit with China also set a record of $162 billion, up 30.5% from last year and the largest imbalance ever recorded with a single country.
The sharp worsening of America's performance in trade was certain to spark new political criticism of President Bush's economic policies. Democrats contend that the administration has not done enough to crack down on unfair foreign trade practices. These include China's currency policy, which U.S. manufacturers believe has deliberatively undervalued the yuan by as much as 40%, giving Chinese companies a huge competitive advantage over U.S. firms.