Trade balance soared 94% in November and was higher than a year ago, despite tariff efforts

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.