U.S. exports of goods and services to the world also hit a record, reaching $3.2 trillion in 2024. That was driven by historic sales of U.S. services, like business and financial advising, as well as foreign spending on travel in the United States.

The U.S. trade deficit widened sharply in December as imports surged to a record high against the backdrop of 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.