The U.S. trade deficit soared in November, nearly doubling the previous month as President Donald Trump’s widespread use and threat of tariffs have led to intense trade volatility. The trade deficit in November soared 95 percent as President Donald Trump's use of tariffs has led to dramatic fluctuations in trade. But Trump was quick to tout the increasing deficit on the world stage earlier this month at the World Economic Forum in Davos. “In one year, I slashed our monthly trade deficit by a staggering 77 percent,” the president bragged during his address last week. Since taking office, the president has repeatedly argued that the U.S. trade deficit constitutes a national emergency, which he used to impose widespread tariffs last April.