Trump tariffs backfire...Biggest exports ever, but U.S. trade is in deficit

U.S. exports in November last year amounted to $273.4 billion...All-time high
U.S. imports rise 3.4% to $351.6 billion, surpassing exports
"U.S. imports rise after Trump's tariff bomb prediction"

[Anchor]
U.S. exports reached an all-time high of $273.4 billion in November last year, but U.S. trade balance was in the red as imports increased further.

This is because U.S. companies, concerned about Trump's tariff bomb, are trying to secure imports, and it is predicted that the tariff bomb will backfire.

I'm correspondent Lee Seung-yoon from New York.

[Reporter]
In November last year, U.S. exports rose 2.7% from the previous month to a record high of $273.4 billion.

However, imports rose 3.4 percent to $351.6 billion, exceeding exports.

This is the aftermath of Trump's pledge to impose tariffs of 10-20% on all U.S. imports and 25% on Mexican and Canadian products.

[Donald Trump / U.S. President-elect] The U.S. has a serious trade deficit with Mexico. We will impose heavy tariffs on Mexico and Canada.]

The trade deficit widened as U.S. companies stockpiled imports before the tariff bomb.

The U.S. trade deficit grew 6.2% to $78.2 billion, and import growth is expected to continue in December.

In the meantime, countries around the world are preparing for U.S.-free trade to prepare for a tariff bomb, and there are observations that tariffs will work against U.S. trade.

[Joseph Stiglitz/Nobel Prize-winning U.S. economist: Trump threatens with high tariffs and the WTO has weakened. There's definitely an adverse effect on the U.S. economy.

A case in point is that the European Union and 31 countries of the South American Common Market (Mercosur) have concluded negotiations on a free trade agreement (FTA) and have decided to lower tariffs by 90% on each other.

Russia, China, India and Middle East oil producers are pursuing trade deals that do not use the dollar.

Economists have analyzed that Trump's tariff bomb to improve the U.S. trade deficit could paradoxically worsen the U.S. trade balance and lead to expanded trade that excludes the U.S.

I'm YTN's Lee Seungyoon from New York.