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The Advance International Trade report today is sure to have Trump screaming.

Advance International Trade in Goods

• The international trade deficit was $122.1 billion in December, up $18.6 billion from $103.5 billion in November.
• Exports of goods for December were $167.5 billion, $7.8 billion less than November exports.
• Imports of goods for December were $289.6 billion, $10.8 billion more than November imports.

Advance Wholesale Inventories

• Wholesale inventories for December, adjusted for seasonal variations and trading day differences, but not for price changes, were estimated at an end-of-month level of $898.0 billion, down 0.5 percent (±0.2 percent) from November 2024, and were down 0.1 percent (±0.5 percent) from December 2023.
• The October 2024 to November 2024 percentage change was revised from the preliminary estimate of down 0.2 percent (±0.4 percent) to down 0.1 percent (±0.4 percent).

Advance Retail Inventories

• Retail inventories for December, adjusted for seasonal variations and trading day differences, but not for price changes, were estimated at an end-of-month level of $823.3 billion, down 0.3 percent (±0.2 percent) from November 2024, and were up 5.7 percent (±0.7 percent) from December 2023.
• The October 2024 to November 2024 percentage change was revised from the preliminary estimate of up 0.2 percent (±0.2 percent) to virtually unchanged (±0.2 percent).

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The Rush to Beat Tariffs

The huge surge in imports was no doubt related to a mad rush to beat Trumpian tariffs.

Even still, these are very nasty numbers with a plunge in exports too. And the revisions were negative as well.

No economist came close. The Bloomberg Econoday range estimates was -101.0 Billion (who guessed that?) to -115.1 billion, with the consensus at -105.5 billion.

The actual trade deficit was -122.1 billion, up 18 percent. The Econoday consensus miss was by 15.7 percent.

Trump Announces New Tariffs on Computer Chips and Semiconductors

This morning I noted Trump Announces New Tariffs on Computer Chips and Semiconductors

The irony in Trump’s build here rant rant is Taiwan Semiconductor is building in the US, and Nippon Steel wants to.

Both Biden and Trump said no to Nippon on preposterous grounds of national security. How the hell is a steel plant in the US a security threat?

Everyone with an ounce of common sense who looked at the deal understands it’s union pandering that really puts America last.

For discussion, please see Biden’s Block of Nippon Steel Merger Makes the United States Less Secure

Biden blocked the Nippon purchase of U.S. Steel. Trump would have too. It’s union pandering that makes the US less secure.

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