Chart Of The Day: US-China Trade Deficit Hits Record

Chart Of The Day: US-China Trade Deficit Hits Record

by Tyler Durden

The US Census Bureau reported that in October, the total deficit with China hit a record $29.5 billion. What did America need to export so much that it is willing to impair its GDP (net imports are a GDP drain) and boost the GDP of China? "Primarily computers and toys, games, and sporting goods." In other words, gizmos and iPhones. And no, China did not buy US bonds - recall that China has boycotted US Treasurys for precisely one year - so the age old equality that we export China worthless paper in exchange for just as worthless gizmos, yet somehow everyone benefits, is no longer valid.http://www.zerohedge.com/news/2012-12-11/chart-day-us-china-trade-deficit-hits-record

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