🚨 BREAKING: U.S. GOODS TRADE DEFICIT SURGES SHARPLY
The U.S. goods trade deficit widened dramatically in November, jumping $27.6B (+95%) to $56.8B, the highest level since July and the largest monthly increase since 1992. Exports fell $10.9B to $292.1B, the lowest since September, while imports surged $16.8B to $332.1B, driven by a spike in pharmaceutical shipments and a drop in gold exports. Adjusted for inflation, the merchandise trade deficit expanded to $87.1B, a four-month high.
Despite the monthly shock, the broader trend since March 2025 shows improvement, with the goods trade deficit narrowing by $79.6B (+58%). Still, the latest data underscores how volatile U.S. trade has become—creating crosscurrents for the dollar, rates, and risk assets as markets digest uneven global demand and shifting import dynamics.
