Capitol Report: Don’t blame oil for the surging U.S. trade deficit – it’s all the other stuff Americans buy

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The U.S. energy industry has struck it rich again, but it’s not helping to shrink the U.S. trade deficit.

The U.S. trade gap rocketed to a 10-year high in 2018, but unlike past episodes of swelling deficits, the chief culprit is no longer high oil prices.

It’s everything else.

The nation’s trade deficit leaped 12.5% last year to $621 billion, marking the biggest gap since 2008.

Read:Trade deficit soars to 10-year high, foiling Trump White House efforts to rein it in

If only goods are counted, the deficit widened to a record $891 billion.

Remarkably, the trade deficit has kept going up even though the impact of oil imports has gone done.

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