The US trade deficit recorded its sharpest monthly increase in nearly 34 years in November, jumping 94.6% to $56.8 billion, according to data released Thursday by the Commerce Department. The surge was largely tied to a spike in capital goods imports, reflecting strong demand driven by investments in artificial intelligence. The data showed notable volatility in pharmaceutical imports, which officials suggest may be linked to tariff-related changes. Trade had supported GDP growth in the second and third quarters of 2025. The Federal Reserve Bank of Atlanta currently estimates fourth-quarter GDP growth at an annualized rate of 5.4%.