The 2024 deficit was a record $1.2 trillion, marking the fourth consecutive trade deficit above $1 trillion and the sixth increase in the last eight years.

Data released Wednesday morning by the Commerce Department showed that U.S. imports of goods and services grew 6.6 percent to a record $4.1 trillion, as Americans bought large amounts of auto parts, weight-loss drugs, computers and food from other countries.

The U.S. trade deficit widened sharply in December as imports surged to a record high against the backdrop of tariff threats. The trade gap increased 24.7% to $98.4 billion, the highest since March 2022, from a revised $78.9 billion in November, the Commerce Department's Bureau of Economic Analysis said on Wednesday.

WASHINGTON (Reuters) - U.S. President Donald Trump said on Friday that he wants to work on reducing the trade deficit with Japan, as he met with Japanese Prime Minister Shigeru Ishiba at the White House. Ishiba said during the meeting that Toyota and Isuzu were planning additional investments in the United States.

The U.S. trade deficit widened sharply in December as imports surged to a record high against the backdrop of tariff threats, which might have prompted businesses to rush purchases of foreign-made goods like finished metals and computers.