U.S. Trade Deficit Hits New High in February

Trade in the United States rose to a new record high in February, data showed on Wednesday.

The U.S. Department of Commerce reported that the balance of trade recorded a 4.8% surge in deficit to a new record level of $71.1 billion in February.

American exports decreased by 2.6% to $187.3 billion, with goods exports falling by 3.5% to $131.1 billion.

Meanwhile, imports saw a rise decline of 0.7% to $258.3 billion.

Adjusted for inflation, the goods trade deficit stands at a record $99.1 billion in February, compared with $96.1 billion in January.