IMPORT IRRELEVANCE

The US CY25 trade deficit was $901.5 billion vs. $903.5 billion in CY2024, with imports rising 5% to $4.334 trillion and exports rising 6% to $3.432 trillion. As for tariffs, which were focused exclusively on goods, the goods trade deficit rose to a record $1.241 trillion in CY25 up from $1.215 trillion in CY24. Essentially no change. Wholly unsurprising as the trade deficit has little to do with trade policy.