The Trade gap increased 6.2% to $78.2 billionfrom a revised $73.6 billion in October, the U.S. Bureau of Economic Analysis said Tuesday. Department of Commerce. Economists polled by Reuters expected the deficit to rise to $78 billion, up from $73.8 billion in October.
Imports rose 3.4% to $351.6 billion. Imports of goods grew by 4.3%, to $280.9 billion.
Trump has said he will impose a 25% tariff to all products from Mexico and Canada and an additional 10% to those coming from China. Trump on Monday denied a news report that his advisers are exploring tariff plans that would only cover critical imports.
Exports advanced 2.7%, to a record high of $273.4 billion. Exports of goods rose 3.6% to $177.6 billion.
Trade has subtracted from GDP for three consecutive quarters. The Atlanta Federal Reserve expects gross domestic product to rise at an annualized rate of 2.4% in the fourth quarter. The economy grew at a rate of 3.1% in the July-September quarter.
