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U.S. Trade Deficit Surges Despite Trump's Surplus Claims

2/19/2026

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Summary

Story summary

Census data show the U.S. trade deficit rose $25.5 billion to $1.24 trillion last year.
U.S. President Donald Trump claimed a trade surplus was expected this year, despite tariffs driving costs.
Tariffs tripled costs for midsize U.S. businesses and forced firms to raise prices or cut jobs.
JPMorgan Chase Institute finds tariff burden falls on U.S. companies, not foreign entities, and China payments down 20% since October 2024.

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Story summary

Census data show the U.S. trade deficit rose $25.5 billion to $1.24 trillion last year.
U.S. President Donald Trump claimed a trade surplus was expected this year, despite tariffs driving costs.
Tariffs tripled costs for midsize U.S. businesses and forced firms to raise prices or cut jobs.
JPMorgan Chase Institute finds tariff burden falls on U.S. companies, not foreign entities, and China payments down 20% since October 2024.