In November, an increase in the trade deficit was recorded in the United States.
Most likely, the mentioned dynamic is a kind of reflection of businesses’ concerns about the intentions of Donald Trump, who won the US presidential election in November and will return to the White House this month, to raise tariffs on goods imported from other countries. Also in this context, it is worth noting separately that many experts warn that the implementation of Mr. Trump’s corresponding plan within the framework of Washington’s trade policy may lead to an acceleration of inflation in the United States.
In November, in the US, the trade gap grew by 6.2%, reaching $78.2 billion. The relevant information was published on Tuesday, January 7, by the United States Commerce Department’s Bureau of Economic Analysis. In October, the revised trade gap was fixed at $73.6 billion. It is worth noting that economists interviewed by the media predicted that this figure would rise to $78 billion in November.
US imports in the mentioned month increased by 3.4%, reaching $351.6 billion. After winning the election, Donald Trump announced his intention to impose a 25% tariff on goods shipped to the United States from Mexico and Canada, and a 10% tariff on products from China. This week, he denied media reports that his aides were exploring tariff plans that would only cover critical imports.
US exports increased by 2.7% in November, reaching $273.4 billion.
Trade has been subtracted from the gross domestic product (GDP) of the United States for the third consecutive quarter. The Atlanta Federal Reserve forecasts GDP growth of 2.4% in the fourth quarter of 2024.
