US trade deficit in January

SOURCE www.bloomberg.com
The US trade deficit reached a record high in January as companies rushed to import goods before tariffs were imposed by President Donald Trump.

Key Points

  • Trade deficit widened 34% to $131.4 billion in January.
  • Deficit was larger than expected, according to Commerce Department data.

Pros

  • Companies were able to secure goods from overseas before tariffs were implemented.

Cons

  • The widening trade deficit may have long-term negative effects on the economy.