US trade gap swells in 2024 as deficits under fresh scrutiny

Washington: The US trade gap swelled last year to nearly $920 billion, according to government data released Wednesday, as deficits come under the spotlight with President Donald Trump's return to the White House.

In 2024, the overall US trade deficit grew to $918.4 billion, widening 17 percent from 2023 as imports ballooned more than exports, said the Commerce Department.

This could attract renewed scrutiny under the new administration, with Trump already threatening tariffs on major US partners over trade and other issues.


Over the weekend, Trump announced fresh duties on the United States' three biggest trading partners in goods -- Canada, Mexico and China -- before reaching deals with Canada and Mexico to halt the levies for a month as talks continued.

Chief among his justifications were concerns over illegal immigration and the flow of deadly fentanyl across US borders, but he has previously also pointed to US deficits with the countries.

Stock markets wavered as tariffs targeting Beijing came into effect Tuesday, with an accompanying suspension of duty-free exemptions for low value parcels sparking worry.

In December alone, the US deficit rose by nearly 25 percent to $98.4 billion, said the Commerce Department.