US trade deficit hit a record high in January, but Trump played a role

Trump's tariff policies aimed to reduce the trade deficit, but the record $131.4 billion shortfall in January 2024 suggests they may have backfired driving up imports and escalating economic uncertainties read more The US trade deficit reached a record high of $131.4 billion in January 2024, rising by 34 per cent from December's revised figure of $98.1 billion, according to the Commerce Department's Bureau of Economic Analysis (BEA). Though Donald Trump inaugurated his second term as the US president on January 20, his promised tariff and trade policies influenced import surge even in the early weeks of the month. This…