The first full U.S. trade deficit reported since the elections jumped 18% vs. September and 2% on a year earlier. The increase in imports has been apparent for nearly a month, but their impact on the deficit is exacerbated by a 3% fall in exports of goods and the 16th straight drop in the services surplus. Comments from Commerce Secretary appointee Wilbur Ross indicate new trade deals will include a focus on expanding exports – this data supports that stance.