US Trade Deficit Widens as Companies Brace for Port Strike, Trump Tariffs

Imports rose by 3.4 percent in November 2024 while exports jumped by 2.7 percent to a record high.

Containers sit waiting to be offloaded into the ports of Los Angeles and Long Beach, Calif., on Oct. 27, 2021. John Fredricks/The Epoch Times

The U.S. trade deficit widened in November 2024 due to the largest import increase since March 2022, as companies prepared for the incoming administration’s proposed tariffs and a potential port strike.

According to the Bureau of Economic Analysis, the trade gap jumped by 6.2 percent in November, to $78.2 billion, slightly higher than the consensus forecast of $78 billion.