Trade deficit balloons to a 3-year high: US imports hit record high in December as Donald Trump’s threat of tariffs triggered rush among American companies to import goods
Commerce Department data. The 3.5% increase from the previous month was due to US president Donald Trump’s threat of tariffs that triggered a rush among American companies to import goods, reported The Telegraph.
Budget with ET
Tax calculator
The US trade deficit ballooned to a three-year high during the month as imports surged, reported Telegraph. The trade deficit of the world’s largest economy reached $98.4 billion, up from $78.9 billion in November.
Meanwhile, exports fell by 2.6% to $266.5 billion in December.
Threat of tariffs
The spike in imports came a month after Trump won the US election. During his campaign, Trump had promised to impose universal global tariffs, targeting countries that had significant trade deficits with America, as per the report.
This week, the United States president formally implemented tariffs on China, while he delayed imposing levies on Canada and Mexico until March in exchange for concessions.
Artificial Intelligence(AI)
Java Programming with ChatGPT: Learn using Generative AI
By — Metla Sudha Sekhar, IT Specialist and Developer
Artificial Intelligence(AI)
Basics of Generative AI: Unveiling Tomorrows Innovations
By — Metla Sudha Sekhar, IT Specialist and Developer
Artificial Intelligence(AI)
Generative AI for Dynamic Java Web Applications with ChatGPT
By — Metla Sudha Sekhar, IT Specialist and Developer
Artificial Intelligence(AI)
Mastering C++ Fundamentals with Generative AI: A Hands-On
By — Metla Sudha Sekhar, IT Specialist and Developer
Artificial Intelligence(AI)
Master in Python
