The U.S. trade deficit in November rose to the highest level in nine months. Imports of oil and other foreign goods increased, while American exports fell for a second month.
The Commerce Department says the trade deficit jumped 6.8 percent to $45.2 billion, the largest imbalance since February. Exports edged down 0.2 percent to $122.4 billion, reflecting lower overseas sales of American-made airplanes, autos and farm products. Imports rose 1.1 percent to $231.1 billion, led by a 7.6 percent jump in oil.
President-elect Donald Trump made America’s large trade deficits a central part of his campaign. He promised to impose high tariffs on countries such as China and Mexico unless they reformed what Trump charged were unfair trading practices that have cost millions of American jobs.
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Credit: CNBC
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