Imports overwhelm small rise in exports

The U.S. trade deficit jumped to $68.1 billion in November, the highest monthly deficit in 14 years, as a surge in imports overwhelmed a smaller increase in exports.

The Commerce Department said Thursday that the November gap between what America buys from abroad compared to what it sells rose 8 percent from October. The increase reflects a 2.9 percent increase in imports of goods and services to $252.3 billion on a seasonally adjusted basis.

That jump swamped a 1.2 percent rise in exports which totaled $184.2 billion in November.

Through the first 11months of 2020, the deficit stands at $604.8 billion, 13.9 percent 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.