U.S. Trade Deficit Hit Record in 2024 as Imports Surged
U.S. exports of goods and services to the world also hit a record, reaching $3.2 trillion in 2024. That was driven by historic sales of U.S. services, like business and financial advising, as well as foreign spending on travel in the United States.
Along with $2 trillion in U.S. exports and $3 trillion in imports, the U.S. trade deficit with the world topped $1 trillion for the third time in four years.
The U.S. tightened its grip on the title of world’s biggest economy in 2024 as an irrepressible American consumer helped it ...
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