US imports racked up a record monthly high in December as companies rushed to secure products in advance of trade tariffs imposed by Donald Trump.
Official figures showed a 3.5% leap in imports compared to the previous month as the clock ticked down to Mr Trump‘s return to the White House on 20 January.
The Commerce Department recorded a sum of $364.9bn of total imports.
Exports fell by 2.6% on November to $266.5bn.
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It meant that the US trade deficit – the value gap between imports and exports – hit its highest level since March 2022, the report said.
Import volumes have surged due to US companies’ efforts to avoid tariffs on goods they need, ranging from televisions and machinery to minerals and oils.
Mr Trump had threatened, in advance of taking office, to bring in immediate tariffs on all goods being shipped to the US in a bid to protect American jobs.
He later confined his immediate threats to China, Canada and Mexico.
To date, only products from China are subject to the additional tax.
Mr Trump agreed to pause 25% tariffs against his closest neighbours at the 11th hour following phone calls with his Mexican counterpart Claudia Sheinbaum and Canada’s outgoing prime minister Justin Trudeau.
His arguments with both nations are not just restricted to trade but also flows of illegal drugs across the US border.
It remains to be seen whether the delays will result in a truce but Mr Trump is widely expected to turn his tariff firepower towards the European Union, saying this week that the trading bloc will “definitely” face tariffs over its treatment…
