Speaking of trade ...

I took a moment to check my inbox this evening, and I got this little "holiday" gift:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total October exports of $107.5 billion and imports of $176.4 billion resulted in a goods and services deficit of $68.9 billion, $2.9 billion more than the $66.0 billion in September, revised.
We finance that with debt. Much of that held by China, my host for the week. I wrote about it in detail back in June.

This is one of the reasons we're so aggressive about trying to open up markets to our services, in which, unlike manufactured goods, we, along with "old" Europe, pretty much lead the world.

Cheers from Hong Kong!

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