Trade flow trends

The Wall Street Journal reports that trade data reveals an increasing US trade deficit, while separate analysis found little evidence that higher US tariffs diverted Chinese exports to Europe. The New York Times highlights research showing that 90% of the tariff cost was borne by US firms and consumers. The Washington Post notes criticism of that finding, including calls to discipline staff behind the analysis.

America Imported a Record Amount Last Year Despite Seismic Trade Policy Changes – Matt Grossman, The Wall Street Journal, February 19, 2026
Grossman notes that US imports in December rose by 3.6% to US$357.6 billion, while exports declined by 1.7% to US$287.3 billion, widening the trade deficit to US$70.3 billion from US$53 billion in November.
Higher US tariffs not to blame for jump in Chinese exports to Europe, ECB says – Paul Hannon, The Wall Street Journal, February 18, 2026
European Central Bank economists concluded there was little evidence of Chinese exports being diverted to the eurozone due to US tariffs, although they found some signs of diversion to Africa and countries in the Association of Southeast Asian Nations.
Americans are paying the bill for tariffs, despite Trump’s claims – Ana Swanson and Sydney Ember, The New York Times, February 12, 2026
The New York Times reports research from the Federal Reserve Bank of New York and Columbia University finding that roughly 90% of the cost of President Trump’s 2025 tariffs was absorbed by US companies and consumers rather than foreign exporters.
Another White House tariff tantrum – Editorial Board, The Washington Post Op-ed, February 19, 2026
National Economic Council Director Kevin Hassett criticized a New York Federal Reserve Bank analysis concluding that consumers bear most of the administration’s tariffs and recommended that staff responsible for the findings be “disciplined.”