π¨π¨πΊπΈ The U.S. trade deficit has continued to move in the wrong direction, even as Trump has argued that tariffs would strengthen Americaβs position. Official data shows the U.S. goods and services trade deficit was $918.4 billion in 2024. In 2025, the deficit is estimated at $936.45 billion, indicating a further increase.
At the same time, Americans have been the ones paying for the tariffs. New research finds that around 96% of the tariff burden is borne by U.S. importers and consumers, meaning it functions much like a domestic cost increase rather than a bill handed to foreign exporters. Other recent analyses land in the same neighborhood, even when the exact share varies by period and product.