Exports, Imports | featured news

The U.S. trade deficit expanded in November to its widest point in seven months, driven by a surge in imports that outpaced modest growth in exports.

The union for longshoremen along the East Coast and Gulf of Mexico has agreed to extend its contract for 30 days, averting a possible strike that could have crippled operations at ports that handle about 40 percent of all U.S. container cargo, a federal mediator announced Friday.

American companies sold more computers, heavy machinery and telecommunications equipment in foreign markets in April, pushing exports to a record high. Imports declined, reflecting a big drop in auto imports from Japan caused by supply disruptions from the March earthquake and tsunami.

U.S. industry and senior Democrats ratcheted up pressure on Congress on Wednesday for a tough new trade law to punish China for what they see as an undervalued currency that threatens American jobs and profits.

The U.S. trade deficit widened more than expected in February as a small gain in exports to the highest level in 16 months was offset by a bigger jump in imports, reflecting increased demand for consumer goods from televisions to clothing.

The World Trade Organization's top arbitrators upheld a ruling that China is illegally restricting imports of U.S. music, films and books, and Washington pushed forward with a new case accusing China of manipulating the prices for key ingredients in steel and aluminum production.

The global economic recovery has begun but sustaining it will require refocusing the United States toward exports and Asia toward imports, the International Monetary Fund's chief economist said.