The U.S. trade deficit soared to a record $859.1 billion last year as Americans splurged on foreign-made electronics, toys and clothing during the economy’s unexpectedly robust recovery from a short but nasty 2020 pandemic-fueled recession.
The trade gap — the difference between what the United States sells and what it buys from foreign countries — surged 27% last year from $676.7 billion in 2020. U.S. exports rose 18% to more than $2.5 trillion. But imports rose more, climbing 21% to nearly $3.4 trillion.
