The U.S.’s trade deficit widened 4.8 percent to a record $71.1 billion in February, the Commerce Department said Wednesday.
Economists had forecast a trade gap of $70.4 billion. The January gap was revised down from $68.2 billion to $67.8 billion.
Both imports and exports fell in the month but the pace of the decline of exports was much swifter, enlarging the deficit. Imports fell seven-tenths of a percentage point but remain near record highs. Exports fell 2.6 percent.
The trade in goods deficit rose by $2.8 billion to $88 billion. The services surplus shrank $500,000 million to $16.9 billion.
U.S. exports have been hurt by the return …
The Biden administration on Wednesday released its wide-ranging plan to raise taxes on corporations and enforce stricter policies in order to finance President Biden’s $2.25 trillion economic spending proposal. The “Made in America” tax plan, if adopted, would implement a series of corporate tax reforms, including raising the rate paid by U.S. companies to 28% from 21% — a partial rollback of Republican’s 2017 tax cuts. But the rate would remain lower than it was before the tax overhaul, when it stood at 35%.YELLEN SAYS HIGHER TAXES NEEDED IN LONG TERM TO FINANCE US SPENDINGThe proposal also seeks to tighten tax-code loopholes that allow …
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