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Thursday, January 29, 2026
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. 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. As the year went by, Trump softened his stance. A framework agreement between the U.S. and the EU in August put the tariff rate at 15% on most European goods and sought to stabilize relations between the two sides. |
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