US trade deficit jumps to $68.1 billion in November

Cover Image
Photo credit FILE - In this Nov. 4, 2019, file photo, cargo cranes are used to take containers off of a Yang Ming Marine Transport Corporation boat at the Port of Tacoma in Tacoma, Wash. The U.S. trade deficit rose in August to the highest level in 14 years. The Commerce Department reported Tuesday that the gap between the goods and services the United States sells and what it buys abroad climbed 5.9% in August to $67.1 billion.(AP Photo/Ted S. Warren, File)
By The Associated Press

WASHINGTON (AP) — The U.S. trade deficit jumped to $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% from the October deficit of $63.1 billion, the Commerce Department said Thursday.

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