US trade deficit widens nearly 25% in December ahead of Donald Trump term
1 month, 3 weeks ago

US trade deficit widens nearly 25% in December ahead of Donald Trump term

Live Mint  

- The US trade deficit widened sharply at the end of 2024 on a surge in imports prior to the start of Donald Trump’s second term as president and his follow-through on the promise of sweeping tariffs. The end-of-year flurry of imports was broad and included a surge in inbound shipments of industrial products that likely reflected efforts by US companies to secure products in advance of Trump’s tariffs. The latest trade data showed the US goods shortfall with Mexico narrowed slightly from a month earlier to a seasonally adjusted $15.2 billion in December, while the deficit with Canada widened to the largest since July 2022. Economists also say the trade deficit is driven largely by macroeconomics including high US consumption rates and a strong dollar that makes imports cheap and American exports more expensive.

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