This is such a bad sign.
The U.S. trade deficit, which is the cost of imported foreign goods being higher than the cost of exported American goods, has just reached a shocking new high according to new numbers released from November.
According to Reuters, The goods trade deficit expanded by 17.5% to $97.8 billion in November compared to the month of October which was $83.2 billion.
Furthermore, Imports rose by 4.7%. The import of industrial supplies increased by $5.7 billion and the import of consumer good raised by $2.9 billion, both officially becoming record highs in the United States.
Sadly, under President Biden’s leadership good exported out the United States decreased 2.1% overall.
What’s worse is that many top economists believe the deficit will continue as long as the pandemic last especially with the omicron variant tearing through the United States.
“Looking ahead, we expect the trade deficit to remain historically elevated until pandemic worries ease,” Oxford economist Nancy Vanden Houten stated.