Biden’s Nov. Trade Deficit Hits Near Record-High $80.2B

'The U.S. trade deficit is 28.6% higher than during the same period last year...'

(Headline USA) The U.S. trade deficit surged to a near-record high of $80.2 billion in November as exports slowed at the same time that imports jumped sharply.

The November deficit was 19.3% higher than the October deficit of $67.2 billion and was just below the all-time monthly record of $81.4 billion set in September, the Commerce Department reported Thursday.

November imports, goods Americans bought from other countries, jumped 4.% to $304.4 billion in November while exports, those the U.S. sends overseas, edged up a scant 0.2% to $224.2 billion.

Through the first 11 months of 2021, the U.S. trade deficit is 28.6% higher than during the same period last year.

...article continued below
- Advertisement -

For all of 2020, the U.S. trade deficit stood at $676.7 billion, a slight 0.1% above the 2019 figure.

The politically sensitive deficit with China in goods rose 2.9% to $32.3 billion in November and is up 12.8% for the first 11 months of this year compared to the same period in 2020

The United States and China, the world’s two largest economies, engaged in a contentious trade battle under former President Donald Trump, who accused China of unfair trade practices that had cost millions of American jobs. Each country imposed tit-for-tat punitive tariffs on its economic rival.

So far, the Biden administration has taken a more cautious approach in its economic dealings with China. Several members of the Biden family—including Biden himself and his son Hunter—maintain deep financial ties with the Asian super-power.

...article continued below
- Advertisement -

Biden Cabinet members including Secretary of State Tony Blinken, as well as powerful Democrats in Congress, also have been known to receive major kickbacks from China.

Michael Pierce, senior U.S. economist at Capital Economics, said that the sharp jump in November’s trade deficit means that trade will be a small drag on the overall U.S. economy in the October–December quarter.

Pierce forecast growth, as measured by the gross domestic product, would be around 4.5% in the fourth quarter, an improvement from the modest 2.3% in the third quarter but below expectations for much stronger growth before the omicron variant hit.

Other economists are more optimistic, predicting growth will come in between 6% and 7% in the October–December period. The government will release its first look at fourth quarter GDP on Jan. 27.

Adapted from reporting by the Associated Press

Copyright 2022. No part of this site may be reproduced in whole or in part in any manner without the permission of the copyright owner. To inquire about licensing content, use the contact form at https://headlineusa.com/advertising.
- Advertisement -


REPORT: No One Knows Who’s Running BLM Or Where Its $60M In Funding Is

(Headline USA) Millions of dollars in funding seems to be missing from the Black Lives Matter organization after several of its co-founders resigned last...

Kid Rock Says He Won’t Play Concerts At Venues w/ COVID Restrictions

(Headline USA) Rock artist Kid Rock said he will cancel any concert at a venue that enforces COVID-19 restrictions. The musician, who plans to launch...

‘Tiger King’ Joe Exotic Resentenced to 21 Years in Prison

(Headline USA) A federal judge resentenced “Tiger King” Joe Exotic to 21 years in prison on Friday, reducing his punishment by just a year despite...

Judge Hears Rittenhouse Request for Gun Used in Shootings

(Headline USA) A Wisconsin judge was set to hear arguments Friday on whether prosecutors should return to Kyle Rittenhouse the high-capacity rifle he used...

Mississippi Mayor Withholds Library Funds over LGBT Books

(Headline USA) The director of a Mississippi library system says a mayor is withholding $110,000 from his city’s library because LGBT books are on...

Harlem Councilmember Where Two Officers Were Killed Wants to Abolish Police

(Mark Pellin, Headline USA) As the widow of murdered NYPD officer Jason “Tata” Rivera rightfully ravaged the soft-on-crime policies being pushed by radical, leftist district...

Jussie Smollett To Be Sentenced March 10 for Lying to Police

(Headline USA) Jussie Smollett, who was convicted last month for lying to police about a racist, homophobic attack that authorities said he staged, will...

Pa. Court Strikes Down ‘No Excuse’ Mail-In Voting; Appeal Likely

(Jacob Bruns, Headline USA) A Pennsylvania court struck down the state's Act 77, a law which allowed residents to mail in ballots with no...

Soros Pouring $125M into Unregulated SuperPACs for Midterms

(Joshua Paladino, Headline USA) Billionaire Leftist George Soros has given $125 million to an organization that he founded, Democracy PAC, to help elect candidates in...
- Advertisement -