WASHINGTON — The U.S. trade deficit surged in July to $63.6 billion, the highest level in 12 years, as imports jumped by a record amount. The Commerce Department reported that the July deficit, the gap between what America buys and what it sells to foreigners, was 18.9% higher than the...
Clock Is Ticking for Companies That Depend on China Imports
WASHINGTON — For companies bracing for losses from China’s viral outbreak, the damage has so far been delayed, thanks to a stroke of timing: The outbreak hit just when Chinese factories and many businesses were closed anyway to let workers travel home for the week-long Lunar New Year holiday. But...
Japan OKs Divisive Plan to Send Naval Troops to Mideast
TOKYO — Japan on Friday approved a contentious plan to send its naval troops to the Middle East to ensure the safety of Japanese ships transporting oil to the energy-poor country that heavily depends on imports from the region. The Cabinet's decision reflects tensions that have escalated between Iran and...
Now Roquefort: US Eyes Tariffs on $2.4B in French Imports
WASHINGTON — The Trump administration is proposing tariffs on up to $2.4 billion worth of French imports — including Roquefort cheese, handbags, lipstick and sparkling wine — in retaliation for France’s tax on American tech giants like Google, Amazon and Facebook. The Office of the U.S. Trade Representative charged Monday...
Sour Grapes: Trade War Puts Cork in US Wine Sales to China
LIVERMORE — Caught in the crossfire of President Donald Trump’s trade war with China, U.S. vineyards are struggling to sell Syrah in Shanghai and Chardonnay in Shenzhen. They risk losing their foothold in one of the world’s fastest-growing wine markets. The 16-month dispute between the world’s two biggest economies has...
Hopes Rise That Lifting Tariffs Could Allow US-China Accord
BEIJING — Prospects appear to have brightened for a preliminary breakthrough in the U.S.-China trade war after the two sides agreed to reduce some punitive tariffs on each other's goods as part of an initial agreement. A Chinese spokesman announced the development Thursday as talks on ending the trade war...
US Trade Trade Deficit Falls to $52.5 Billion in September
WASHINGTON — The U.S. trade deficit fell in September to the lowest level in five months as imports dropped more sharply than exports and America ran a rare surplus in petroleum. The Commerce Department said Tuesday that the September gap between what America buys from abroad and what it sells...
'Nothing-Burger': US-China Truce Leaves Big Issues for Later
WASHINGTON — President Donald Trump heralded a breakthrough in U.S.-China trade talks, and markets rallied in relief over a de-escalation in tensions between the world's two biggest economies. But closer inspection suggests there isn't much substance, at least not yet, to the temporary truce Trump announced Friday at the White...
Thanks to Consumers, US Economy Is Rising Steadily if Slowly
WASHINGTON — The U.S. economic landscape would look even bleaker if not for America's consumers. The economy slowed in the spring, and many analysts think the weakness will continue in the months ahead. Yet consumer spending, which drives about 70% of growth, accelerated in the April-June quarter at the fastest...
US Delays Tariffs on Some Chinese Goods, Drops Others
WASHINGTON — The United States is delaying tariffs on Chinese-made cellphones, laptop computers and other items and removing other Chinese imports from its target list altogether in a move that triggered a rally on Wall Street. The Office of the U.S. Trade Representative said Tuesday that it is still planning...