The US trade deficit reached a new high of approximately $1.2 trillion in 2024, despite President Donald Trump’s tariffs aimed at reducing it. This gap grew by 2.1% compared to the previous year, with imports significantly outpacing exports.

• The gap between goods imported and exported widened to roughly $1.2 trillion (£890bn).
• Despite a sharp drop in trade with China, the overall trade deficit increased, with record trade gaps recorded with countries including Mexico, Vietnam, and Taiwan.
• US imports of goods reached a record $3.4 trillion, driven partly by investment in artificial intelligence and surges in computer parts.