U.S. trade deficit rebounds to $56.8 billion in November as tariffs drive volatility

The U.S. trade deficit in goods and services rebounded to $56.8 billion in November, rising 95 percent from the previous month, according to Commerce Department data reported Jan. 29, 2026. The increase follows months of volatile trade flows linked to the administration’s tariffs.

Exports fell 3.6 percent in November to $292.1 billion, while imports rose 5 percent to $348.9 billion, the Commerce Department said. The combination of lower exports and higher imports pushed the monthly trade deficit higher. The data reflected intense volatility tied to President Trump’s trade policy, which has imposed steep taxes on imports.

The October trade deficit had been the lowest monthly figure recorded since June 2009, but the article notes much of that drop resulted from temporary shifts in trade for products such as gold and pharmaceuticals. Last year through November, the overall trade deficit was up 4.1 percent from the previous year.

Exports for that period were 6.3 percent higher and imports were 5.8 percent higher. The piece also says companies rushed to bring goods into the country early in the year to avoid tariffs, then scaled back after sweeping global tariffs were announced in April, and that imports of items like pharmaceuticals and semiconductors have seen surges and declines as tariffs were announced.

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