The president’s use of tariffs has led to increased volatility.
The U.S. trade deficit soared in November, nearly doubling the previous month as President Donald Trump’s widespread use and threat of tariffs have led to intense trade volatility. The trade deficit was up nearly 95 percent in November from the prior month, or $27.
6 billion, hitting $56.8 billion, according to the latest data released by the Commerce Department’s Bureau of Economic Analysis. It was a sharp reversal from previous months, when the deficit had been shrinking and even hit its lowest level since 2009 in October. Year-over-year, the trade deficit through November was four percent higher than the same period in 2024 despite the president’s attempts to use tariffs to reduce trade imbalances around the world. The trade deficit in November soared 95 percent as President Donald Trump's use of tariffs has led to dramatic fluctuations in trade.Imports in November increased by five percent to $348.9 billion, while exports dipped 3.6 percent to 292.1 billion. The drop in exports was led by a decline in pharmaceuticals, gold, consumer goods and crude oil being shipped out, while imports rose thanks to Americans buying pharmaceuticals and data center equipment. After the monthly trade deficit fell to its lowest level in October in more than 15 years, economists cautioned that some of the decline was due to temporary shifts in trade for products such as gold and pharmaceuticals. But Trump was quick to tout the increasing deficit on the world stage earlier this month at the World Economic Forum in Davos. “In one year, I slashed our monthly trade deficit by a staggering 77 percent,” the president bragged during his address last week.Since taking office, the president has repeatedly argued that the U.S. trade deficit constitutes a national emergency, which he used to impose widespread tariffs last April. Since then, the president has repeatedly backed off on some of his tariffs while imposing others as he looks to negotiate deals. Trump has also continued to use the threat of tariffs to pressure foreign allies and adversaries alike as he pushes his policy priorities. But the president’s tariffs are facing a pivotal moment as the U.S. Supreme Court could, in the coming weeks, release its decision on his widespread use of them in an opinion that could have a dramatic impact not only on his chief economic policy goal but also on presidential powers.
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