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The US trade deficit hit a record high in January.
The deficit surged 34% hitting an all-time high of $131.4 billion.
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The U.S. trade deficit widened to a record high in January amid front-loading of imports ahead of tariffs, suggesting that trade could be a drag on economic growth in the first quarter.
The trade gap surged 34.0% to an all-time high of $131.4 billion from a revised $98.1 billion in December, the Commerce Department’s Bureau of Economic Analysis (BEA) said on Thursday. The percentage change was the largest since March 2015.
Economists polled by Reuters had forecast the trade deficit soaring to $127.4 billion
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