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The U.S. trade deficit rose 24.4 percent in 2004 to $617.7 billion, setting a record for the third straight year. Commerce Department officials said the trade deficit was led by a 35.7 percent surge in foreign petroleum imports, which climbed to a record $180.7 billion. The increase was due to higher demand and surging prices. Imports of foreign vehicles, industrial supplies, food products, and consumer goods also set records. AFL-CIO Pres. John J. Sweeney said the 2004 trade figures demonstrate that "America is losing good jobs due to bad trade deals." House Minority Leader Nancy Pelosi (D-Calif.)said the deficits were undermining the U.S. manufacturing base. The record trade deficit with China, which rose by 30.5 percent to $162 billion, led Democratic lawmakers to call for legislation to impose import tariffs on Chinese goods unless China changes its policies to undervalue that nation's currency. U.S. exports of goods and services in 2004 rose 12.3 percent to $1.146 trillion. Imports rose 16.3 percent to a record of $1.764 trillion.
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