The US trade deficit with China has reached an all-time high, according to figures published on Wednesday, which will fuel calls in Washington for Beijing to revalue its currency. The politically sensitive trade gap with China reached $214bn in November, shattering the 2005 annual record of $202bn and putting the total on track to exceed $230bn. The overall US international trade deficit in November narrowed to $58.2bn from $58.8bn, as strong demand from America’s trading partners pushed exports to a record. The rise in exports is likely to bolster US economic growth for the fourth quarter, but the widening trade gap with China will increase the domestic political pressure on Hank Paulson, US Treasury secretary, to persuade Beijing to allow its currency to appreciate. Mr Paulson, a former head of Goldman Sachs, has initiated a strategic economic dialogue with China aimed at persuading Beijing to embrace further financial reforms. But there is mounting impatience in Washington, where some members of the newly-elected Congress are proposing legislative action aimed at China. The threat is a response to rising protectionist sentiment in the US and pressure from manufacturers, which blame China’s weak currency for giving exports […]