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The U.S. posted a record trade deficit in good in 2024, spotlighting what is likely to be constant eye sore under the second administration of President Trump as it aims to encourage more production domestically.
The U.S. deficit in goods totaled $1.2 trillion last year, slightly above the prior record set in 2022, the government reported Wednesday.
Trump has promised to raise tariffs sharply on other countries to reduce imports and try to lure more companies to make their products in the U.S.
“There will be no better place on Earth to create jobs, build factories, or grow a company than right here in the good old USA,” Trump said in a virtual speech to global political and business leaders in Davos, Switzerland last week.
The president took the same hard-as-tacks approach in his first term, but the trade deficit continued to rise as it done under every president since Jimmy Carter.
U.S. stocks finished higher on Tuesday, as the S&P 500 and the Nasdaq Composite recovered most of their losses from the previous session after the sudden rise of Chinese AI startup DeepSeek sent shockwaves through Wall Street.
The Dow Jones Industrial Average rose 0.3% to end near 44,850, according to preliminary data from FactSet.
The S&P 500 was up 0.9% to finish around 6,067, snapping a two-day losing streak.
The Nasdaq Composite surged over 2%, ending near 19,733. It was the best day for the tech-heavy index since Jan. 15, according to Dow Jones Market Data.
Investors were turning their attention to corporate earnings due this week amid concerns that a low-cost Chinese AI model could challenge American companies' dominance in the sector and their lofty valuations that have powered the bull market for the last two years. Microsoft Corp., Meta Platforms Inc. and Tesla Inc. are due to report their quarterly results on Wednesday after the closing bell, while Apple Inc. will report on Thursday.
The Federal Reserve also kicked off its two-day policy meeting on Tuesday, with fed-funds futures traders expecting no change in interest rates on Wednesday from the current range of 4.25% to 4.50%.
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