The U.S. ended 2024 with the second-largest trade deficit on record — and China and Mexico were the countries that benefited most from sending goods to America. Canada? Not so much.

Tariffs have made headlines in recent days with higher duties in the works for Mexico, Canada and China. How does Arizona fit into all of this?

Building a typical new home could cost $40,000 more if Trump's tariffs on Canada and Mexico go into effect, per an industry group's analysis.

The U.S. trade deficit widened sharply in December as imports surged to a record high against the backdrop of tariff threats, which might have prompted businesses to rush purchases of foreign-made goods like finished metals and computers.

President Donald Trump's mission to close the U.S. trade deficit met a greater challenge as America's trade deficit in goods soared to a record $1.2 trillion in 2024.

The high figures could attract renewed scrutiny under the new US administration, with Trump already threatening tariffs on major US partners over trade imbalances and other issues