The U.S. trade deficit surged to a near-record high of $80.2 billion in November as exports slowed at the same time that imports jumped sharply.
The November deficit was 19.3% higher than the October deficit of $67.2 billion and was just below the all-time monthly record of $81.4 billion set in September, the Commerce Department reported Thursday, according to Fox News.
“In October, it had fallen to a revised $67.2 billion. Analysts had forecast a much smaller gap of $71.6 billion, Breitbart reported.
“Imports into the U.S. jumped 4.6 percent to $304.4 billion while U.S. exports slinked up a mere 0.2 percent to $224.4 billion.
“The goods deficit jumped 18 percent to a record $98.99 billion. The services surplus grew 12.7 percent to $18.1 billion.”
ABC reports that “November imports, goods Americans bought from other countries, jumped 4.% to $304.4 billion in November while exports, those the U.S. sends overseas, edged up a scant 0.2% to $224.2 billion.”
“Through the first 11 months of 2021, the U.S. trade deficit is 28.6% higher than during the same period last year with the economic recovery in the United States outpacing other nations, as is the readiness of Americans to spend.”
Still, despite jumping massively from October, the November deficit was still smaller than the gigantic $81.4 billion September trade deficit.
Without tariffs, much of the recovery money is ending up in foreign economies, but that is part of the Democrat plan. It’s equity, baby.
Our US dollars are going to foreign competitors and it’s slowing down the economy.
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