When President Donald Trump won the November 2024 election, he was explicit about the purpose of his second term.
The United States had bought $1.22 trillion more in goods from the rest of the world than it sold in 2024, and that gap had to close. Tariffs were the instrument.
Nineteen months in, the gap has not closed. And the fastest-growing piece of it is the one category Washington has gone out of its way not to tax.
The AI buildout is doing the importing.
July Trade Deficit Widens To March 2025 Highs
