(NewsNation) — New government data shows the U.S. trade deficit is growing, despite President Donald Trump’s claims that it’s being slashed by his tariff agenda.
On Thursday, the U.S. Census Bureau and the Bureau of Economic Analysis released data showing the deficit was $29.2 billion in October and jumped to over $56 billion in November, a 94.6% increase.
At the same time, exports fell by nearly 4%, while imports climbed by 5%.
The United States also saw its largest deficit increase with its largest trading partner, the European Union, which jumped from $7.9 billion in October to $14 billion in November.
The record prices for both aluminum and gold are directly linked to tariff pressures and the economic uncertainty brought about by Trump.
U.S. companies are now paying 40% more for aluminum than they were in June. Trump doubled aluminum tariffs to 50% in June to encourage investment in local production, but it’s causing a supply shortfall.
That could quickly become a problem, as aluminum is used in cars, planes, military hardware and canned goods.
Meanwhile, gold crossed the $5,500-per-ounce mark, another record high after hitting several highs this past year. This is the classic “safe haven” trade, with uncertainty around the tariff agenda and its impact on the economy and the dollar.
Any new tariff moves or deals that could loosen supply and give investors some certainty. However, there haven’t been any rumors about a new trade agreement since November.
