U.S. Trade Deficit Widens Despite Trump’s Tariffs
The U.S. trade deficit in goods and services rebounded to $56.8 billion in November, rising 95 percent from the previous month as President Trump’s tariffs continued to cause huge fluctuations in trade, according to data from the Commerce Department released on Thursday.
Exports fell 3.6 percent in the month, to $292.1 billion, led by declining outbound shipments of gold, pharmaceuticals, consumer goods and crude oil. Imports rose 5 percent in November, to $348.9 billion, as Americans bought foreign pharmaceuticals as well as equipment to fill new data centers. The combination pushed up the monthly trade deficit, the gap between what the United States imports and what it exports.
The data reflected some of the intense volatility that has resulted from the president’s decision to impose steep taxes on imports over the past year. The trade deficit had fallen significantly in prior months, seemingly accomplishing a major goal for Mr. Trump, who views that metric as a sign of economic weakness. The October trade deficit was the lowest monthly figure recorded since June 2009.
Exports fell 3.6 percent in the month, to $292.1 billion, led by declining outbound shipments of gold, pharmaceuticals, consumer goods and crude oil. Imports rose 5 percent in November, to $348.9 billion, as Americans bought foreign pharmaceuticals as well as equipment to fill new data centers. The combination pushed up the monthly trade deficit, the gap between what the United States imports and what it exports.
The data reflected some of the intense volatility that has resulted from the president’s decision to impose steep taxes on imports over the past year. The trade deficit had fallen significantly in prior months, seemingly accomplishing a major goal for Mr. Trump, who views that metric as a sign of economic weakness. The October trade deficit was the lowest monthly figure recorded since June 2009.
