Trade Deficit Hits $271.3 Billion In ‘99

America’s trade deficit widened by more than $100 billion last year, reaching a record $271.3 billion, the government said Friday. The booming U.S. economy pushed up demand for foreign goods, and the cost of imported oil more than doubled.

The Commerce Department also reported trade deficits with Japan, China, Canada, Mexico and the 15-nation European Union all set records in 1999. The overall deficit rose by 65 percent from the previous record, 1998’s imbalance of $164.1 billion.