US trade deficit widens sharply in December; goods trade gap highest on record in 2025

[Prairie Gates]

7. The Wall Street consensus is that the economy has been "surprisingly resilient" vis-a-vis tariffs

What this data tells us is that everybody is playing a wait-and-see game with SCOTUS, either anticipating that tariffs will have to be refunded, or eating the cost until SCOTUS blesses them. No sense looking for new sources until there's clarity from the courts. If the same "resilience" and import surges are happening post-SCOTUS, then it'll be something to write home about. Until then, it at best tells us that markets are in a holding pattern.