Good news? Bad news?
Trade deficit felt to its lowest in 6 years. This should be a good news right? Not if it's brought upon by the steeply worsening of the recession. For the year, the deficit shrank by 3.3 percent to $677.1 billion. It was the second straight annual decline after five straight years of record deficits. The deficit with China is still high. Obama's administration is more likely to take a harder line on China's currency exchange rate. But China is not immune to the global recession either. US remain the single one biggest importer for China. Last month, China's export dropped 17 percent.
There are concerns the U.S. recession and downturns in many other countries could lead to rising protectionism worldwide that will make the global recession worse.
Man, man, I feel like I should take on a happier note just to distract me from all this depressing news.
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Comments: View Comments | Thursday February 12, 2009
