02:53 PM EST, 03/06/2025 (MT Newswires) -- The US trade deficit surged 34% in January on the back of a jump in imports, government data showed Thursday, as trade tensions continued to grip markets.

The goods and services deficit reached $131.38 billion in January, the Census Bureau and the Bureau of Economic Analysis reported. The consensus was for a trade gap of $128.8 billion in a survey compiled by Bloomberg. December's deficit was revised down to $98.06 billion.

Imports increased 10%, while exports edged up 1.2%, the official data showed. Goods imports climbed to $329.55 billion in January from $293.36 billion the month prior, driven by industrial supplies and materials.

The US ran a $29.69 billion deficit in goods trade with China in January, compared with a $25.30 billion shortfall the prior month. The goods trade gap widened to $11.30 billion from $7.86 billion with Canada and to $15.47 billion from $15.25 billion with Mexico, the official data showed.

Overall exports of goods rose to $172.78 billion from $170.08 billion amid increases in capital and consumer goods, according to the Census Bureau and BEA.

In a Truth Social post Thursday, President Donald Trump said the data indicated a "massive trade deficit with the world," which he blamed on his predecessor. "I will change that!!!," he added.

US benchmark equity indexes were lower intraday.

The US is pausing tariffs on Mexican items that are covered by a trade deal known as the United States-Mexico-Canada agreement, Trump said in a separate Thursday post. On Wednesday, the Trump administration granted a one-month delay for tariffs on automakers whose vehicles comply with the USMCA.

The US government recently doubled its levy on Chinese imports. Canada and China have announced retaliatory measures.

Services imports edged up to $71.66 billion in January from $71.22 billion the month before, while exports of services grew to $97.04 billion from $96.44 billion, the official data showed.