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U.S. trade gap soars as imports from China hit record high

By DOUG PALMER

The U.S. trade deficit jumped 8.6 percent in October as imports from China and other suppliers hit a record high ahead of the holiday shopping season, a Commerce Department report released Tuesday showed.

The monthly trade gap totaled $48.7 billion, the highest level for a full month since President Donald Trump took office on Jan. 20.

Ahead of the election, a Trump campaign adviser asserted they could eliminate the deficit in one or two years. Instead, the 2017 deficit is on track to exceed the 2016 level of $505 billion.

Imports of goods and services hit a record high of $244.6 billion as the U.S. economy continued to strengthen and suck in more goods from abroad. Imports totaled $48.2 billion from China, $39.4 billion from the EU and $28.7 billion from Mexico — all record highs.

In addition, the average price for imported crude oil was $47.26 per barrel during October, the highest since August 2015, a Commerce Department highlights sheet showed.

U.S. exports totaled $195.9 billion in October, unchanged from September. However, exports to China hit $13 billion, the highest since December 2013.

During Trump's recent visit to Beijing, U.S. companies signed contracts valued by the Commerce Department at around $250 billion. But it could be months before any of those transactions are reflected in U.S. trade data.