Tariffs Fall Short: U.S. Trade Deficit Stays Near Record High
TL;DR
The U.S. trade deficit remains near record highs despite tariffs, after a brief dip earlier in 2025; November alone showed a jump to $56.8 billion as imports rose and exports fell. Even when removing tariff effects and gold flows, deficits stay large, with 2025 tracking to one of the year’s largest gaps. Economists say tariffs and a cheaper dollar help, but persistent import demand (notably from Mexico and Vietnam) and AI-related equipment needs keep the deficit elevated, even as Q4 looks to be the year’s smallest deficit and could modestly boost GDP.
- The U.S. trade deficit isn’t actually falling due to tariffs. It’s still near a record high. MarketWatch
- Trade deficit soared 94% in November and was higher than a year ago, despite tariff efforts CNBC
- U.S. Trade Deficit Bounces Back as Tariffs Cause Volatility The New York Times
- US Trade Gap Widens From Smallest Since 2009 as Imports Rise Bloomberg.com
- US trade deficit widens sharply, reversing big pullback lauded by Trump South China Morning Post
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