The US trade deficit increased by 6.2% in November, reaching $78.2 billion, as businesses rushed to import goods in anticipation of potential tariffs from President-elect Donald Trump.
Imports rose 3.4% to $351.6 billion, with a notable 4.3% surge in goods imports, while exports hit a record high of $273.4 billion, growing by 2.7%.
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Trump’s proposed tariffs include a 25% levy on products from Mexico and Canada and a 10% tariff on Chinese goods.
This widening trade gap has negatively impacted GDP growth, which has been declining for three consecutive quarters.
The Atlanta Federal Reserve estimates a 2.4% growth rate for the fourth quarter, following a 3.1% growth rate in the prior quarter.
The current trade deficit is almost double what it was when Trump first took office, posing a significant challenge for his administration.
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