Last year he hit a US trade record because US consumers set out imported products and weighed a strong US dollar to grow exports.
Data published on Wednesday morning by Department of Trade showed that US imports of goods and services increased by 6.6 percent to $ 4.1 trillion because the Americans bought a lot of drugs for weight loss, car, computers and food from other countries.
Overall, US exports to the world increased to $ 3.19 trillion in 2024, which is 3.9 percent compared to the previous year because the United States sold chips, computers, aircraft and trade services in the world, but fewer cars and cars.
The total business deficit of America in goods and services consisting of minus imports increased by 17 percent to $ 918.4 billion.
The US has recorded its largest trade deficit in goods with China at $ 295.4 billion, followed by the European Union, Mexico, Vietnam and then Ireland.
The trends were driven by mostly strong performance of the US economy, especially compared to the rest of the world. American consumers continued to spend generous on imports. And the strong US dollar has caused imports to US consumers as relatively cheap and American exports in foreign markets appear to be relatively expensive.
The strong dollar, as well as the competition of the Chinese automotive industry, led to a global decline in US cars’ sales. The export of car vehicles, parts and engines fell by $ 10.8 billion compared to the previous year because the sale of components, passenger cars, trucks and buses.
The service sector continued to grow in the US economy, powered by foreign travel expenses in the United States and the sale of US business and financial services.
Increasing imports and trade deficit were a partially persistent effect of large fluctuations in the shop from Pandemia. American consumers stuck at home during the pandemic climbed to Chinese laptops, toys, Covid tests, sports, furniture and home exercises.
Once consumers were deployed and US warehouses full, these purchases fell back in 2023 and provided a spring record for higher imports of imports last year.
Brad Setser, the economist of the Council for Foreign Relations, said that American pharmaceutical consumption also appeared in business data. Eli Lilly, a pharmaceutical giant, produces his popular weight loss drugs in Ireland and transports them to the United States, which helped to increase trade deficit, he said.
Trading flows could be mixed next year when President Trump is preparing for the leadership of global trade wars.
On Saturday, Mr. Trump signed a powerful order, which introduced extensive tariffs on the nearest business partners in America. He said that tariffs were focused on pushing Canada, Mexico and China to stop the flows of migrants on the border – one of his main questions of domestic policy – and also to stop the shipments of fatal drugs, and offer the United States better conditions if it comes to trade in relationships.
Both Canada and Mexico gained a slight re -re -re -re -re -re -reopened Monday after Mr. Trump agreed to postpone the tariffs of 25 percent per month. On Tuesday morning, however, another 10 % tariff entered all imports from China – more than $ 450 billion and caused retaliation from the Chinese government.
Beijing said that from next Monday, tariffs would be about $ 20 billion from US exports and at the same time issued curbs to export minerals and launched an antimonopoly investigation to Google.
