Busine༺sses looking ꧃to avoid increased taxes on imports drove the U.S. trade deficit to a record high in December.

President Donald Trump has promised a range of tariffs targeting a swath of major trading partners by Feb.෴ 1. Data released by the Census Bureau Wednesday indicates that businesses aren't waiting to fi🔯nd out specifics.

The U.S. trade deficit shot up by 18% in December to hit a record $122 billion. The deficit was pushed higher by a nearly $11 billion increase in imports, along with a drop in exports, Census Bureau data showed.

Imports have grown by 8.4% siꦕnce Trump was elected, wrote Nationwide Chief Economist Kathy Bostjancic.

"The trade deficit, especially on a bilateral basis, will receive increased attention as the Office of the U.S. Trade Representative begins its examination of foreign trade practices," Bostjancic said.

Capital Goodsജ Orders Also Increased Ahead of Possible Tariffs

It’s not the only sign that buyers are trying to get out in front of tariffs. Excluding aircraft and defense orders, capital goods orders placed by businesses rose by 0.5% in December, Census Bureau Data showed earlier in the week. 

澳洲幸运5官方开奖结果体彩网:Capital goods are durable items like machinery and equipment used to produce other products and services. In November and December, capital goods orders rose the most of any two-month period since 2023, according to Wells Fargo economists Shannon Grein and Tim Quinlan.

“This 🔥may to an extent signal purchasing managers are hedging against poten🃏tial tariff disruption by stockpiling goods that might eventually be impacted by those duties,” the Wells Fargo note said.