The US trade deficit widened sharply in December 2024 as goods from other countries rushed in before Mr. Trump took office and began imposing high tariffs.
A ship loads goods at Tien Sa port, Da Nang in 2020 - Photo: REUTERS
The US trade deficit widened sharply in December 2024, amid record imports amid threats of higher tariffs upon President Donald Trump's return to the White House.
According to the announcement from the Bureau of Economic Analysis of the US Department of Commerce on February 5, the trade deficit last month when Mr. Trump took office increased by 24.7%, to 98.4 billion USD - the highest level since March 2022, up from the 78.9 billion USD recorded in November 2024.
Imports into the US in December 2024 increased 3.5% to an all-time high of $364.9 billion, while exports fell 2.6% to $266.5 billion.
The increase in imports into the US in December was not a surprising reaction, as in January Mr. Trump immediately imposed an additional 10% tax on Chinese goods (this tax took effect from February 4).
In addition, Mr. Trump also announced that he would impose a 25% tax on goods from Mexico and Canada, but implementation is being suspended until next month, as these two countries have just reached an agreement with the US.
The White House said imposing tariffs on goods would hold Mexico, Canada and China accountable to their promises to stop illegal immigration, as well as fentanyl and other drugs flowing into the United States.
Also according to data released by the US on February 5, the trade surplus between Vietnam and the US last year hit a record high.
The trade surplus between Vietnam and the US in 2024 will increase by 20%, exceeding 123 billion USD.
During the same period, the US trade surplus with China increased by less than 6% to $295.4 billion, much lower than the peak in 2018.
According to Reuters, Vietnam is only behind China, the European Union (EU) and Mexico in terms of the scale of its trade imbalance with Washington.
Source: https://tuoitre.vn/my-tang-manh-tham-hut-thuong-mai-trong-thang-truoc-khi-ong-trump-nham-chuc-20250205225936557.htm
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