The U.S. trade deficit declined slightly in July even though oil imports climbed to an all-time high.
The politically sensitive deficit with China also set a record.
The Commerce Department reported that the July trade gap fell by 2.6 percent to $57.9 billion (Ђ47 billion) from an imbalance of $59.5 billion in June, the second highest deficit on recordб the AP informs. Analysts believe the July improvement will be short-lived, given that oil prices continued to soar in August, reflecting the impact of Hurricane Katrina on oil production in the Gulf of Mexico.
What would the world be like if, for example, Russian energy sources, the Ukrainian food industry and the German industry united to work together?