Trade Deficit Hits Record $71.1 Billion

The Commerce Department reported Wednesday that the U.S. trade deficit widened 4.8%, hitting a record $71.1 billion in the month of February.

The January gap was revised slightly lower. From $68.2 billion to $67.8 billion.

U.S. exports to foreign countries suffered — though the U.S. continued to import. The difference between the two is what creates the tax deficit.

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U.S. markets took the news in stride. They hovered near an all-time record on the S&P as investors awaited the minutes from the Federal Reserve’s latest policy meeting for any clues on inflation.

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