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BUSINESS                 Saturday 7 January 2017
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            U.S. trade deficit climbs to $45.2 billion in November




            MARTIN CRUTSINGER                                                                                                   6.5  percent  in  November
             AP Economics Writer                                                                                                to  $5.8  billion  and  totaled
            WASHINGTON  (AP)  —  The                                                                                            $58.8 billion through the first
            U.S. trade deficit in Novem-                                                                                        11  months  of  2016,  up  4.9
            ber rose to the highest level                                                                                       percent from 2015.
            in nine months as imports of                                                                                        Trump  has  threatened  to
            oil and other foreign goods                                                                                         slap tariffs as high as 45 per-
            increased,  while  American                                                                                         cent on China and Mexico
            exports  fell  for  a  second                                                                                       unless those countries stop
            month.                                                                                                              practices  Trump  believes
            The  trade  deficit  jumped                                                                                         have  cost  American  jobs.
            6.8 percent to $45.2 billion,                                                                                       To  carry  out  his  campaign
            the largest imbalance since                                                                                         pledges,  Trump  is  assem-
            February,  the  Commerce                                                                                            bling  a  trade  team  that
            Department  reported  Fri-                                                                                          represents  a  break  from
            day.  Exports  edged  down                                                                                          traditional Republican free-
            0.2 percent to $122.4 billion,                                                                                      trade policies.
            reflecting  lower  overseas                                                                                         This  week  he  announced
            sales  of  American-made                                                                                            he would nominate Robert
            airplanes,  autos  and  farm                                                                                        Lighthizer,  a  former  trade
            products.  Imports  rose  1.1                                                                                       official   under   President
            percent  to  $231.1  billion,    In this March 2, 2016, photo, the container ship Hanjin Xiamen waits to be unloaded at the Port of   Ronald Reagan, to be U.S.
            led by a 7.6 percent jump    Oakland, in Oakland, Calif.                                                            trade  representative,  the
            in oil.                                                                                            Associated Press  government  chief’s  trade
            President-elect     Donald  companies are selling more  kets,  said  the  drop  in  ex-  other sectors will more than  negotiator.  As  a  Washing-
            Trump  made  America’s  to  foreign  countries  than  ports in November was not  pick up the slack,” he said  ton  lawyer  representing
            large  trade  deficits  a  cen-  Americans  are  purchases  surprising  given  that  the  in a research note.       U.S. steel companies, Light-
            tral  part  of  his  campaign.  from  abroad.  The  deficit  is  value of the dollar has risen  For  November,  America’s  hizer has been a vocal pro-
            He  promised  to  impose  the difference between ex-      to  a  14-year  high  against  deficit  with  China  nar-  ponent  of  imposing  tariffs
            high  tariffs  on  countries  ports and imports.          other  currencies.  A  stron-  rowed  slightly  to  $30.5  bil-  on steel imports.
            such as China and Mexico  In  November,  imports  rose  ger  dollar  makes  America  lion. For the first 11 months  The rise in imports reflected
            unless  they  reformed  what  to  the  highest  level  since  products  more  expensive  of  2016,  the  deficit  with  a  7.6  percent  jump  in  pe-
            Trump charged were unfair  June 2015, and economists  on  foreign  markets.  Gua-      China totaled $319.3 billion,  troleum imports, which rose
            trading practices that have  predicted further increases  tieri  predicted  the  trade  5.9 percent lower than the  to $14.3 billion.
            cost  millions  of  American  as  the  U.S.  economy  picks  deficit would be a drag on  same period in 2015 but still  The  deficit  with  the  Euro-
            jobs.  A  lower  deficit  adds  up momentum.              growth going forward.        the largest imbalance with  pean  Union  rose  12.4  per-
            to the overall economy be-   Sal  Guatieri,  senior  econo-  “Trade  will  weigh  on  eco-  any single country. The def-  cent in November to $14.8
            cause  it  means  American  mist  at  BMO  Capital  Mar-  nomic growth this year but  icit  with  Mexico  dropped  billion.


            Higher wages push stocks to


            records, but Dow misses 20,000



            MARLEY JAY                   Industrial  companies  rose  said U.S. employers added
             AP Markets Writer           as  investors  hoped  for  156,000  jobs  in  December,
            NEW YORK (AP) — So close!  greater economic growth.       which was solid but slightly
            The  Dow  Jones  industrial  At  about  12:40  p.m.  the  disappointing.    However
            average missed the 20,000  Dow  peaked  at  19,999.63,  the government said hourly
            mark by a fraction of a point  but  later  lost  steam.  It  fin-  pay  jumped  2.9  percent
            Friday as U.S. stock indexes  ished up 64.51 points, or 0.3  from  December  2015,  the
            rose  after  the  government  percent,  at  19,963.80.  The  biggest  monthly  increase   The New York Stock Exchange building is shown Tuesday, Oct.
            said  wages  jumped  in  De-  S&P  500  rose  7.98  points,  in seven years. Overall, job   11, 2016, in New York.
            cember.  Two  other  major  or 0.4 percent, to 2,276.98.  growth remained steady in                                             Associated Pres
            indexes set records.         The  Nasdaq  composite  2016 but slowed a bit from        to $1.0532 from $1.0590.     an  ounce.  Silver  sank  12
            Stocks  wavered  between  jumped 33.12 points, or 0.6  2015.                           U.S. crude oil rose 23 cents  cents  to  $16.52  an  ounce.
            gains  and  losses  in  the  percent, to 5,521.06.        Bond  prices  fell.  The  yield   to close at $53.99 a barrel  Copper rose 1 cent to $2.55
            morning  after  the  Decem-  The  small-cap  Russell  2000  on  the  10-year  Treasury   in  New  York.  Brent  crude,  a pound.
            ber  jobs  report,  which  index slid 4.65 points, or 0.3  note  rose  to  2.42  percent   which  is  used  to  price  oil  The  FTSE  100  index  in  Brit-
            showed less hiring than an-  percent, to 1,367.28.        from  2.35  percent.  Higher   sold internationally, added  ain inched up 0.2 percent.
            alysts  hoped  to  see.  Bond  Stocks  finished  the  week  bond  yields  mean  higher   21 cents to close at $57.10  It’s risen nine days in a row
            yields  rose  sharply,  as  the  with a big gain as investors  interest  rates,  which  allow   a barrel in London.  and is at all-time highs. Ger-
            continued job gains should  remained  optimistic  about  banks to make more mon-       In  other  energy  trading,  many’s DAX edged up 0.1
            encourage the Federal Re-    the U.S. economy. The S&P  ey  on  lending.  Investment   wholesale gasoline slipped  percent  and  the  CAC-40
            serve to keep raising  inter-  500  climbed  1.7  percent.  banks  and  other  financial   less than 1 cent to $1.63 a  of France rose 0.2 percent.
            est rates.                   That was a marked change  firms  did  better  than  the   gallon.                      Japan’s  benchmark  Nikkei
            Indexes  turned  higher  as  from last year, when the in-  rest of the market Friday af-  Heating  oil  rose  1  cent  to  225  index  lost  0.3  percent
            investors  concluded  that  dex  lost  6  percent  as  the  ternoon.                   $1.70 a gallon. Natural gas  while the Kospi in South Ko-
            the rising wages will lead to  market  got  off  to  its  worst  The dollar rose to 117.02 yen   rose  1  cent  to  $3.29  per  rea  added  0.4  percent.  In
            more spending on technol-    opening week in history.     from 115.62 yen after a dip   1,000 cubic feet.           Hong Kong, the Hang Seng
            ogy and consumer goods.  The       Labor    Department  Thursday.  The  euro  slipped   Gold fell $7.90 to $1,173.40  advanced 0.2 percent.
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