US trade deficit widens sharply in December as imports hit record high

The us trade deficit widened sharply in December as imports reached an all-time high amid looming 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.

Economists polled by Reuters had forecast the trade deficit soaring to $96.6 billion from the previously reported $78.2 billion in November.

The value of goods brought into the US jumped 4% from November to $293.1 billion, the highest since records began in 1992, the Commerce Department said on Wednesday.

The rise also contributed to the widest trade deficit, or gap, between exports and imports in nearly two years.

It comes as the future of global trade remains uncertain due to Trump's plans for tariffs - a tax he has said he wants to see imposed on all foreign shipments into the country.

Reference Sources

1. usatoday - US trade deficit widens sharply in December as imports hit record high
2. thestarmy - U.S. trade deficit widens sharply in December ahead of tariff threats
3. bbc - Race to beat Trump tariffs sends US imports soaring
4. newssky - Trump tariff threat saw US imports hit record high
5. bussinesstimes - Record high imports sharply widen US trade deficit in December - The Business Times

Huawei chairman says 2024 revenue exceeded $118bn

Huawei's chairman, Liang Hua, announced on Wednesday that the company's annual revenue exceeded CNY 860Bn ($118.27Bn) last year, as it continued to recover from the impact of us sanctions and its consumer business returned to growth.

According to a report by the Shenzhen business daily, annual revenue of CNY 860Bn would mark a 22% Year-On-Year growth from 2023, when Huawei reported CNY 704.2Bn in revenue, and the company also reported its fastest growth in four years that year.

Liang said that Huawei's overall operations would meet expectations in 2024, with the ICT infrastructure expected to remain stable.

Reference Sources

1. usnews - Huawei Chairman Says 2024 Revenue Exceeded $118 Billion
2. cna - Huawei chairman says 2024 revenue exceeded $118 billion
3. bussinesstimes - Huawei chairman says 2024 revenue exceeded 860 billion yuan - The Business Times
4. nikkei - Huawei chairman says 2024 revenue exceeded $118bn

Amid tariff worries, Chipotle CEO says about 50% of the chain's avocados are sourced from Mexico

(Source: Getty Images)

Chipotle, one of the most popular fast food chains in the United States, has downplayed concerns about potential tariff hikes on imported ingredients like avocados and chicken during the company's Feb. 4 earnings call.

He said that about 50% of the Burrito maker's avocados come from the country. Chipotle has spent years diversifying where it gets avocados for its Guacamole, but it could still see a hit from tariffs on Mexican versions of the fruit.

President Donald Trump over the weekend slapped a 25% tariff on imports from Mexico. However, on Monday, he postponed the levies for a month and said he would continue to negotiate with the Mexican government.

Despite a growing body of support for Chipotle stock, shares were on the decline anyway.

Chipotle shares were down nearly 2% in Wednesday afternoon's session despite the growing interest from analysts.

Reference Sources

1. quartz - Chipotle isn't worried about Trump's tariffs — or guacamole
2. cnbc - Amid tariff worries, Chipotle CEO says about 50% of the chain's avocados are sourced from Mexico
3. businessinsider - Chipotle says it's getting more avocados from outside Mexico. It could get impacted by Trump's tariffs anyway.
4. markets - Chipotle (NYSE:CMG) Gets Analyst Love, Shares Slip Anyway
5. quartz - Chipotle's price hikes haven't scared off customers – but the stock drops anyway

The CommonWealth English daily news digest is a service curated by CommonWealth English team with the help of AI tools.

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