US Imports Hit 11-Month High in February

US imports surged 4.3%, or $15.2 billion, to $372.1 billion in February 2026, the highest level since the peak recorded in March 2025, even as Trump’s tariff policy faced legal chaos. After the Supreme Court struck down his IEEPA-based duties on Feb. 20, the administration rushed to impose new tariffs under a temporary statute, one expiring in July. Goods imports increased by $14.0 billion, with notable gains in capital goods (+$7.8 billion), driven by computers, accessories, and semiconductors; industrial supplies (+$3.1 billion), led by crude oil; consumer goods (+$2.2 billion), primarily pharmaceuticals; and automotive vehicles and parts (+$1.6 billion), boosted by trucks, buses, and special-purpose vehicles. Services imports also edged up $1.3 billion, mainly due to higher charges for the use of intellectual property, likely a temporary surge tied to broadcast rights for the Winter Olympics.

Imports in the United States decreased 0.7% to $356.6 billion in January 2026, led by falls in purchases of pharmaceutical preparations, trucks, buses, and special purpose vehicles, passenger cars and nonmonetary gold. On the other hand, imports rose for computers and telecommunications equipment. The largest share of imports came from Mexico ($45.6 billion), the EU ($40.7 billion), Canada ($29.8 billion), Taiwan ($22.7 billion), Vietnam ($20.4 billion) and China ($21.2 billion).

US imports of goods and services rose by $12.3 billion, or 3.6%, to $357.6 billion in December 2025, marking a second straight monthly increase and the highest level since July. Goods imports climbed by $10.2 billion to $280.2 billion, driven primarily by a $7.0 billion rise in industrial supplies and materials, including nonmonetary gold, copper, and crude oil. Capital goods imports also increased by $5.6 billion, supported by higher purchases of computer accessories and telecommunications equipment. In contrast, consumer goods imports fell by $3.5 billion, largely due to weaker demand for pharmaceutical preparations. Services imports rose by $2.0 billion to $77.4 billion, reflecting gains in transport and travel. For 2025 as a whole, total imports jumped by $197.8 billion to a record $4.33 trillion, as the rollout of US tariffs in the first half of the year prompted businesses and consumers to front-load purchases, pushing inbound shipments to an all-time high.