Some say that the loss of manufacturing jobs to foreign contries is offset by more exports to those countries. However, if this is the case, why is the trade deficit continuing to rise?
The deficit in the broadest measure of international trade rose to an all-time high of $195.1 billion from January through March of this year as the country sank deeper into debt to Japan, China and other nations.
The Commerce Department reported Friday that the deficit in the current account rose by 3.6 percent from the previous quarterly record, an imbalance of $188.4 billion in the final three months of 2004.
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