The US trade goods deficit surged to a record high in January as companies hoovered up supplies of foreign products and metals ahead of the expected imposition of tariffs by President Donald Trump.
The gap between exports and imports of goods jumped by more than 25 per cent from the previous month to $153bn, according to figures from the commerce department. That massively outweighed economists’ predictions for a shortfall of $116bn, according to a Bloomberg survey ahead of the numbers.
The figures suggested American companies had been stockpiling goods purchased overseas as they prepared for tariffs on a host of the country’s closest trading partners, including Canada, Mexico, China and the EU, analysts said.