The U.S. goods deficit increased 6% in November to its highest since March 2015, and was 5% higher than economists’ expectations. A 6% jump in seaborne traffic, according to Panjiva data, was likely the biggest driver, while imports via rail, truck and pipe from Canada may have been the main drag. While the data supports import-busting tariff policies, export growth was also weak at just 1% on a year earlier – a continued decline in capital goods exports is particularly notable.