WASHINGTON, Oct. 14 (UPI) -- The U.S. trade deficit rose in August and hit a record high with China, the Bureau of Economic Analysis said Thursday.
After falling in July, the deficit rose to $46.3 billion in the month, an increase over a revised $42.6 billion in July, but not as high as the $49.8 billion trading deficit posted in June.
The report, which put the month's deficit against China at $28 billion, triggered a White House pledge to continue pressuring China to allow its currency to appreciate to make U.S. goods and services more affordable in China's growing economy. White House press secretary Robert Gibbs said President Obama would continue to put pressure on China to "live up to its obligations."
The U.S. trade deficit with China in July was $25.9 billion.
Against all nations and the Organization of Petroleum Exporting Countries, exports and imports both rose, as international business continues to pick up steam from a summer of 2009 trough. For the month, exports rose by $300 million to $153.8 billion. Imports rose by $4.1 billion compared with July to $200.2 billion.
The deficit in trading for goods rose by $3.9 billion from a month ago to $59 billion, while the surplus in service businesses rose by $100 million to $12.6 billion.
In his remarks from the White House, Gibbs said, "We've seen over the past many months that the United States cannot drive world demand anymore ... That's why the president pledged to increase our exports and we're working to do that."
