US trade deficit jumps to $68.1 billion in November amid surge in imports

The US trade deficit jumped to USD 68.1 billion in November as a surge in imports overwhelmed a smaller increase in exports.

The November gap between what America buys from abroad compared to what it sells abroad rose by 8 per cent from the October deficit of USD 63.1 billion, the Commerce Department said Thursday.

Through the first 11 months of 2020, the deficit stands at USD 604.8 billion, 13.9 per cent higher than the same period in 2019. President Donald Trump has insisted that his get-tough trade policies with the rest of the world would shrink the deficit and bring back American jobs.