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The US trade deficit hit a record high in January.
The deficit reached a record high of $131.4 billion, 34%.
The US trade deficit suggests it could swell to record highs in January as imports front-loaded prior to tariffs, causing first-quarter economic growth.
The Commerce Department of Economic Analysis (BEA) said on Thursday that the trade gap skyrocketed 34.0%, reaching an all-time high of $131.4 billion from the revised $98.1 billion in December. The percentage change was the largest since March 2015.
Economists voted by Reuters predicted that the trade deficit had skyrocketed to $127.4 billion from the previously reported $98.4 billion in December. This week, President Donald Trump slapped new 25% tariffs on imports from Mexico and Canada, doubling the mandate for Chinese goods to 20%, sparking a trade war.
Imports have skyrocketed to $400 billion, 10.0% since July 2020. Imports of goods increased a record 12.3% to an all-time high of $329.5 billion. They are driven by a $23.1 billion increase in industrial goods and materials imports, primarily reflecting the finished metal shape, and are presumably gold.
Trump then blasted Biden and vowed to change it.
A massive trade deficit with the world that just released a tribute to sleepy Joe Biden! I'll change that!!!
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