The U.S. trade deficit came in at $901.5 billion in 2025, down just 0.2% from the previous year, despite a slew of Trump administration tariffs that were implemented under the promise of dramatically curbing imports to narrow that gap. 

According to The New York Times, imports of goods and services into the U.S. actually grew by 4.7% compared to 2024, while exports rose by 6.2%. The overall trade deficit also increased by 32% year-over-year in December, as well as 40% from the previous month. The largest goods deficit the U.S. saw for the year was with the European Union at $218.8 billion, followed by China at $202.1 billion, and Mexico at $196.9 billion. 

Read More: No End in Sight for Trade Turbulence in 2026

The numbers highlight the complex reality behind President Donald Trump's scattershot tariff policies, where duties appeared to have reshuffled sourcing strategies, but have failed to meaningfully reduce overall import volumes. Instead, supply chains have reoriented, with production shifting away from China to countries like Vietnam, Mexico and India, where the U.S. recorded its highest ever trade deficits for each.

Meanwhile, American soybean farmers have suffered heavily under the White House's levies, after China stopped buying American agricultural products for much of the year up until reaching a trade agreement with the U.S. in late October. As a result, the U.S. saw its soybean exports fall by more than 32% year-over-year in 2025, although China has since pledged to buy 25 million metric tons of American soybeans in each of the next three years as part of its deal with the U.S.