The U.S. trade deficit widened sharply in December as imports surged to a record high against the backdrop of tariff threats, which might have prompted businesses to rush purchases of foreign-made goods like metals and computers.

The U.S. trade deficit hit near-record levels in late 2024 as America's trading partners prepare to navigate Trump's tariffs.

For all of 2024, the merchandise-trade deficit with Mexico widened on an unadjusted basis to a record $171.8 billion. The gap with Canada narrowed last year.