US trade deficit plunges in November with push of trade tensions

The U.S. trade deficit narrowed sharply in November amid declines in imports of cellphones and petroleum products. The Commerce Department said on Wednesday the trade deficit dropped 11.5 per cent to $49.3 billion. The trade gap had increased for five straight months. Data for October was revised to show the deficit rising to $55.7 billion instead of the previously reported $55.5 billion.

Economists polled by Reuters had forecast the trade deficit falling to $54.0 billion in November. The release of the report was delayed by a recently ended five-week partial shutdown of the federal government.