The goods trade deficit between the US and the EU reached a record high in the last 12 months, new figures have revealed.
Data from Eurostat shows that in 2024, the EU imported €333.3 billion ($348.4 million) worth of goods from the US, while items totalling €531.6 billion went in the other direction, the Telegraph reports. This represents a US deficit of €200 billion - up by almost a quarter from the previous year.
The figures could provide more fuel for the trade dispute between Brussels and Washington, with president Donald Trump already threatening to impose tariffs "pretty soon" on European imports.
In recent weeks, Mr Trump has complained that Europe does not buy enough American products, saying: "They don’t take our cars, they don’t take our farm products, they take almost nothing and we take everything from them. Millions of cars, tremendous amounts of food and farm products.”
According to the figures, last year, US exports to Europe fell by four percent, whereas exports from the EU to America rose by 5.5 percent.
The Telegraph suggested this is a consequence of the differing strength of economies in the two territories. It noted that the eurozone has been struggling recently, which has left citizens with less purchasing power to spend on imported goods. The US, by contrast, has enjoyed stronger economic performance.
Claus Vistesen from Pantheon Macroeconomics told the news provider that in addition to this, the figures could be impacted by US importers stockpiling goods in anticipation of forthcoming duties.
He said: "If companies in the US anticipate that there is going to be a big tariff increase, they are going to try to accumulate a lot of inventory at a cheaper price before the tariffs come in. That could be one factor here.”
However, Mr Vistesen added that regardless of the reasons behind the figures, the rising trade deficit is likely to be "a red rag to a bull" for Mr Trump.