WASHINGTON -- The U.S. trade deficit in goods reached a record high of $1.21 trillion in 2024, up 50% from 2017, government data shows, bringing into question whether President Donald Trump's tariffs can achieve one of their main stated policy goals.
Between 2018 and 2019, during Trump's first term, Washington imposed higher duties on mainly Chinese imports. But the deficit has since continued to widen, with American economic growth boosting imports and shipments through third countries weakening the impact of the tariffs targeting China.
