US trade deficit hits all-time high

THE US trade deficit swelled to an all-time high of $55.5 billion in October as imports — including those from China — surged to the loftiest levels on record.

Skyrocketing crude-oil prices also contributed to the yawning trade gap.

The latest snapshot of trade activity, reported by the Commerce Department yesterday, showed the trade imbalance widening by a sizeable 8.9% in October from the previous month despite the fact that US exports registered their best month ever on record.