U.S. Trade Deficit Hit Record in 2024 as Imports Surged

The U.S. trade deficit in goods reached a record $1.2 trillion in 2024, driven by strong imports of auto parts, weight-loss drugs, computers, and food, while export growth was hampered by a strong U.S. dollar. The deficit with China was the largest, at $295.4 billion, and President Trump may use the data to justify trade actions against other countries. Despite criticism, economists attribute the deficit to the U.S. economy’s strength, with consumers continuing to spend on imports.

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