US Trade Gap Highest Since 2022

2025-02-05 13:36 By Joana Taborda 1 min. read

The US trade deficit widened to $98.4 billion in December 2024, following a revised $78.9 billion gap in November and above forecasts of a $96.6 billion shortfall.

It is the highest trade deficit since a record n March 2022, as US companies rushed to secure goods ahead of Trump administration tariffs.

It reflects an increase in the goods deficit to $123 billion and a decrease in the services surplus to $24.5 billion.

Total imports soared 3.5% to $364.9 billion, led by finished metal shapes, computers, and nonmonetary gold while exports declined 2.6% to $266.5 billion mainly due to pharmaceutical preparations, crude oil and computers.

For whole 2024, the deficit increased 17% from 2023 to $918.4 billion.

Exports increased 3.9% to $3,191.6 billion and imports went up 6.6% to $4,110 billion.

The largest trade gaps were recorded with China ($-295.4 billion), the EU ($-235.6 billion), Mexico ($-171.8 billion) and Vietnam ($-123.5 billion).

The trade gap with Canada was $63.34 billion.



News Stream
U.S.–China Trade Truce Extended to January 10
Washington confirmed the U.S.–China trade truce will run until January 10, 2027, extending tariff relief and rare-earth flows beyond the November expiry. Treasury Secretary Scott Bessent announced the move Wednesday as China's leader Xi Jinping arrived for a state visit, noting Beijing must deliver more commitments. The moratorium, first struck by Xi and Trump in South Korea last October, was widely expected to be prolonged, with markets anticipating at least a six-month extension ahead of the summit.
2026-09-24
Trump Eyes EU Tariffs Over Canada Plan
U.S. President Donald Trump on Wednesday threatened sweeping tariffs on the European Union or even a halt to trade if Brussels proceeds with plans to make Canada its first “associate member.” Calling Canada “a terrible trade partner,” Trump said that if he views the EU’s move as hostile, he would impose “very serious tariffs or stop trading with Europe on many things.” His remarks followed European Commission President Ursula von der Leyen’s announcement that the bloc was opening the door for Canada to join under a new category of associate membership, which does not currently exist under EU treaties and would require ratification by member states.
2026-09-17
US Trade Gap Largest in 16 Months
The US trade deficit widened to $88.6 billion in July 2026, marking the largest gap since March 2025, compared with a $71.1 billion shortfall in June and market expectations of a $90 billion deficit. Exports declined 2.1% to $310.7 billion, led by lower sales of crude oil (-$4.5 billion) and nonmonetary gold (-$3.9 billion). On the other hand, shipments increased for capital goods ($1.9 billion) and pharmaceutical preparations ($1 billion). Meanwhile, imports rose 2.8% to $399.3 billion, boosted by purchases of computers ($6.9 billion), computer accessories ($6.6 billion) and semiconductors ($1.2 billion) while a fall was seen for crude oil ($-1.8 billion) and charges for the use of intellectual property ($-0.5 billion). The largest gaps were recorded with Mexico ($-27.5 billion), Vietnam ($-23.3 billion) and Taiwan ($-18 billion). The deficit with China was $15.2 billion and the balance with Switzerland shifted from a surplus of $2.9 billion to a deficit of $0.6 billion.
2026-09-03