U.S. trade deficit sets record

The U.S. merchandise-trade deficit widened to an all-time high in November as American companies imported a record value of consumer goods.

The shortfall grew to $84.8 billion last month from $80.4 billion in October, according to Commerce Department data released Wednesday.

The data show that while outgoing President Donald Trump’s push to rewrite the U.S. relationship with the world was yielding some results before the outbreak, the goal of a narrower trade imbalance will go unrealized after COVID-19 upended supply chains and demand.

EU leaders ink deal with China

BRUSSELS – Top European Union officials and Chinese President Xi Jinping concluded a business investment deal Wednesday that will open big opportunities to European companies, but has the potential to irk the new American administration.

Amid concerns about the human rights situation in China, the EU said the seven-year-long negotiations were concluded “in principle” during a videoconference involving Xi, European Commission president Ursula von der Leyen and EU Council president Charles Michel.

German Chancellor Angela Merkel – whose country holds the rotating presidency of the EU – and French president Emmanuel Macron also took part in the discussions with the Chinese president, the EU said.

From wire reports