US Trade Deficit Jumped to $918 Billion Last Year, Largest Increase Since 2021

Trump is pushing ahead with tariffs on foreign nations in an attempt to resolve the United States’ trade deficit.

Cranes stand above shipping containers at the Port of Los Angeles in Terminal Island, Calif., on March 6, 2020. Mario Tama/Getty Images

The U.S. trade deficit widened in 2024, with imports totaling $4.11 trillion and exports totaling $3.2 trillion, resulting in a deficit of more than $918 billion, according to the Bureau of Economic Analysis (BEA).

“For 2024, the goods and services deficit was $918.4 billion, up $133.5 billion from $784.9 billion in 2023,” BEA said in a Feb. 5 statement.