Imports into the U.S. hit their highest on record in December 2024, as businesses responded to the threat of tariffs made by President Donald Trump by racing to secure foreign-made toys, mobile phones and computers, says BBC News.
The rise also contributed to the widest trade deficit between exports and imports in nearly two years.The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced February 5 that the goods and services deficit was $98.4 billion in December, up $19.5 billion from $78.9 billion in November, revised. The value of goods brought into the U.S. jumped 4% from November to December, to $293.1 billion, the highest since records began in 1992, the Commerce Department said on February 5.
Trump has said tariffs will encourage firms to make their products in the U.S., expressing repeated concern about the size of the trade deficit.
Read More: The Trouble With Trump's Tariffs
In 2024, the trade deficit in the U.S., including services, rose 17% from the year before, to a total of $918.4 billion, as imports increased faster than exports.
