President Donald Trump lost again in November in his battle to curb the U.S. trade deficit, which increased 8 percent to its highest level since August 2006, a Commerce Department report showed.
Retailers stocking their shelves and warehouses ahead of the Christmas holiday appeared to be the major factors behind the sharp jump, pushing imports of consumer goods to a record high. Imports of capital goods used by manufacturers were the highest in two years.
The combined deficit for goods and services was $68.1 billion, while the deficit for goods alone was a record $86.4 billion.
2016 promise: Trump ran on a campaign platform of reducing the trade deficit, and his aggressive use of tariffs has had some success in reducing the bilateral trade gap with China. But the gap has continued to expand with other countries.
Even with Trump's tariffs, imports from China totaled $44.9 billion in November, the highest since December 2018. And U.S. exports to China continued to lag behind the goal set under Trump's "phase one" deal signed in January.
Trump's target: Under that agreement, China is supposed to increase purchases of U.S. goods and services by $200 billion above 2017 levels over two years. That includes $76.7 billion in increased purchases in 2020 and $123.3 billion in 2021.
Where things stand: U.S. goods exports to China in January through November were $110 billion, about $20 billion less than in the first 11 months of 2017. In addition, U.S. services exports to China were about $28 billion in the first nine months of 2020, about $14 billion less than in the same period in 2017.
Final figures for 2020 will be released in February.
"trade" - Google News
January 07, 2021 at 09:34PM
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U.S. trade deficit soars to 14-year high in November - POLITICO
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