The trade gap soared 94.6% in November to $56.8 billion, according to data from the Department of Commerce, bringing it closer to the levels observed in June and August 2025.
U.S. imports rose 5.0% to $348.9 billion, while exports fell 3.6% to $292.1 billion.
Analysts generally expected the deficit to grow, but Thursday’s expansion was higher than the level projected by surveys of economists by Dow Jones Newswires and The Wall Street Journal.
Earlier this month, Trump boasted about a previous drop in the U.S. trade deficit to its lowest level since 2009, attributing it to the success of his economic policies, including tariffs.
But economists have pointed out that the increase in exports seen in the October figures was significantly influenced by the gold trade.
Over the past year, US trade numbers have been hit hard by Trump’s waves of tariffs. This is because companies rushed to stock up on inventory ahead of expected increases in levies.
