• Share
  • Read Later
The U.S. suffered its worst quarterly trade deficit in history during the three months ended in June, $43.62 billion according to the Commerce Department. At this rate, the U.S. appears to be headed for its worst annual trade deficit as well, projected now at a record $165.24 billion. "This trade performance poses a significant political problem for both the Clinton administration and the Republicans who rallied behind NAFTA and GATT," reports economics correspondent Adam Zagorin. "Those free trade agreements were sold as great creators of economic prosperity and jobs." Zagorin says the higher deficits will likely re-energize free trade opponents like Pat Buchanan and Ross Perot who say U.S. workers can't fairly compete with imports from low wage countries like Mexico.