Trade deficit soared 94% in November and was higher than a year ago, despite tariff efforts
A boat moves past a cargo ship with containers at a terminal of the Yantian port in Shenzhen, Guangdong province, China October 30, 2025.
Tingshu Wang | Reuters
The U.S. deficit with its global trading partners nearly doubled in November as the shortfall with the European Union swelled and the impact of President Donald Trump’s tariffs worked their way through the economy, the Census Bureau reported Thursday.
Following a month where the trade deficit hit its lowest level since early 2009, it shot up to $56.8 billion, an increase of 94.6% from October. Of that gain, about one-third came with the European Union, where the goods deficit rose by $8.2 billion. The goods deficit with China decreased by about $1 billion to $13.9 billion.
On a year-over-year basis, the deficit through November stood at $839.5 billion, or about 4% higher than the same period in 2024.
The increase in the deficit counters Trump’s efforts to use tariffs to reduce imbalances around the globe. When announcing so-called reciprocal tariffs in April 2025, the White House used the level of trade deficits with varying countries as a baseline for determining the duties.
As the year went by, Trump softened his stance. A framework agreement between the U.S. and the EU in August put the tariff rate at 15% on most European goods and sought to stabilize relations between the two sides.
Clarification: The headline on this story was updated to clarify that it was the trade deficit that soared 94% in November.
