Trade deficit widens in January as exports plunge and oil bill soars

WASHINGTON - America&#39;s trade deficit surged to $28.5 billion in January as the nation&#39;s foreign oil bill surged and U.S. exports fell to the lowest level in more than three years. <br> <br> The Commerce Department reported Tuesday that the deficit in January was 15.4 percent higher than December&#39;s imbalance of $24.7 billion as the country started the new year with the same old trade problems. <br> <br> For all of 2001, the deficit showed an improvement for the first time in six years, narrowing by 7.5 percent to $347.5 billion. That was still the second-highest deficit in history. <br> <br> Economists are warning that this year the improvements could stall as a recovering U.S. economy draws in imports at a faster clip while U.S. exports are held back by economic weakness in many of America&#39;s trading partners. <br> <br> Additionally, American manufacturers are demanding that the Bush administration switch its policy on the dollar, contending that an overvalued U.S. currency is seriously crimping their ability to export. <br> <br>

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