The U.S. trade deficit rose to $50.5 billion in November, the largest imbalance in nearly six years, as imports and exports both hit records.
The November deficit was 3.2% higher than October’s $48.9 billion imbalance, the Commerce Department says. U.S. exports of goods and services were up 2.3% to an all-time high of $200.2 billion. Imports rose an even faster 2.5% to a record $250.7 billion.
A rising trade deficit, which reduces economic growth, means that the United States is buying more goods and services from other countries than it is selling them.
President Donald Trump views America’s massive trade deficits as a sign of economic weakness. He blames them on bad trade deals and abusive practices by China and other trade partners.
The politically sensitive deficit with China rose to $35.4 billion in November, the biggest goods deficit that the United States runs with any country and the largest monthly deficit with China since September 2015.
