Most analysts assumed that it was stockpiling of goods ahead of the tariffs that drop the huge jump in US imports that weighed on trade. Instead, it was gold that did much of the work.
"While we expect growth to slow this year, the latest data points are not as bad as they look. Most of the widening in the trade deficit reflects a surge in gold imports—which are excluded from GDP—driven by tariff fears. And weak consumer spending in January was likely driven by cold weather, residual seasonality, and normalization from a very strong pace in 2024H2."h/t. @mikezaccardi.
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