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U.S. Trade Deficit Falls for First Time in 5 Months
The Commerce Department reported the U.S. trade gap dropped 11.5% in November, its lowest level since June. The goods and services deficit was $49.3 billion in November, down $6.4 billion from a revised $55.7 billion in October.
American exports fell 0.6% to $209.9 billion, but since imports fell faster, dropping 2.9% to $259.2 billion, the gap between what U.S. sells and what it buys from other countries dropped. The deficit with China fell 7.3% to $35.4 billion. The trade deficit drop marked the first time since President Donald Trump started putting tariffs on Chinese goods.
Year-to-date, the goods and services deficit increased $51.9 billion, or 10.4%, from the same period in 2017. Exports increased $157.1 billion or 7.3%. Imports increased $208.9 billion or 7.9%.
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- ◦Economy
