The Letter S
Albany Airport 1952
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Why Tariffs Aren’t Shrinking the U.S. Trade Deficit – WSJ
On the contrary, recent data show the tariffs that the Supreme Court struck down on Friday and that Trump has vowed to reimpose under a different statute are cementing these imbalances.
From Berlin to Tokyo, the world’s biggest exporting countries have reacted to U.S. tariffs by further committing to economic policies that support exports, subsidizing manufacturers to help them leap over the tariff wall.
As for America, it very much remains the world’s importer of last resort. The U.S. trade deficit in goods rose to a record high of $1.24 trillion in 2025, driven by a 4.3% increase in goods imports, according to data published Thursday by the Census Bureau.