Trade Deficit Hits Record as Demand for Imports Soars

The U.S. trade deficit soared to a record high in November as consumer demand for goods and the easing of supply chain bottlenecks caused imports to surge, according to the Commerce Department.

The goods deficit increased in November to $99 billion as consumers shopped for holiday gifts earlier than in previous years, the Commerce Department announced Thursday. Imports outweighed exports, bringing the U.S. trade deficit in goods and services in November to $80.2 billion.

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Department of Commerce Blacklists Tech Companies Helping Chinese Military

The U.S. Department of Commerce added several Chinese technology companies to its trade blacklist Wednesday for providing technological support to the Chinese military.

The Commerce Department added the firms to its Entity List, which imposes severe trade restrictions on covered entities, characterizing the companies as “acting contrary to the national security or foreign policy interests of the United States.”

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U.S. Government Allegedly Approves Sale of Electronic Chips to Huawei

The United States government has allegedly approved the sale of hundreds of millions of dollars worth of electronic chips to Chinese technology giant Huawei, in a massive reversal of a Trump-era policy by the Biden Administration, as reported by the Daily Caller.

The report was first made by Reuters on Wednesday, which cited two anonymous sources who claimed to be familiar with the deal. Huawei intends to use the new supply of chips to construct more automatic components of automobiles, including video monitors and motion sensors. Huawei allegedly asked the suppliers to raise the value of chips from hundreds of millions to at least one billion for the next sale after the four-year licensing agreement expires.

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Biden Administration Unveils ‘Historic’ Investment for Communities That Could Create 300,000 Jobs in the ‘Near Term’

President Joe Biden’s administration announced that it would give $3 billion in coronavirus stimulus funds to approved local communities across the country.

The program dubbed “Investing in America’s Communities” amounts to the largest initiative of its kind in decades, according to the Department of Commerce. Local governments and organizations nationwide impacted by the coronavirus pandemic are able to apply to receive the federal funds.

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Inflation Spiked While Personal Income Dropped in April, Key Economic Report Shows

Two men in grocery aisle, shopping

A key measurement of consumer spending and personal income showed the economy experienced higher-than-expected inflation in April, according to the Department of Commerce.

The Personal Consumption Expenditures (PCE) price index — a main inflation indicator used by the Federal Reserve that measures consumer price increases  — ticked up by 0.6% while the core PCE index, which excludes food and energy, increased 0.7% in April, the Commerce Department reported Friday. The Disposable Personal Income index, which measures how much after-tax income Americans have — decreased by 14.6%, or $3.22 trillion.

Economists had expected the PCE measure to come in lower than it did, CNBC reported.

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