financetom
Economy
financetom
/
Economy
/
US goods trade deficit widens sharply in January
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US goods trade deficit widens sharply in January
Feb 28, 2025 6:24 AM

WASHINGTON (Reuters) - The U.S. trade deficit in goods widened sharply in January, most likely as businesses front-loaded imports ahead of tariffs, potentially positioning trade to be a drag on economic growth in the first quarter.

The goods trade gap surged 25.6% to $153.3 billion last month, the Commerce Department's Census Bureau said on Friday. Goods imports vaulted 11.9% to $325.4 billion.

President Donald Trump in his first month in office has issued a raft of tariff orders.

On Thursday, Trump said a 25% tariff on Mexican and Canadian goods would take effect on March 4, after being delayed for a month, along with an extra 10% duty on Chinese imports, on top of 10% already imposed. Other duties aimed at imported steel, aluminum and motor vehicles will either soon go into effect or are in fast-track development.

Exports rose 2.0% to $172.2 billion last month.

Trade contributed to the economy's 2.3% annualized growth rate in the fourth quarter.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Copyright 2023-2026 - www.financetom.com All Rights Reserved