The Supreme Court on Friday ruled President Trump exceeded his powers and delared illegal the IEEPA tariffs that were the cornerstone of his deficit fight.

US trade deficit continued to widen in December after hitting the smallest monthly amount since the 2009 low in October.

President Trump on Wednesday touted the decline in U.S. trade deficit ahead of official data showing a small reduction in the country’s overall balance of trade. In a Wednesday night post on Truth Social,

Data released Thursday by the Census Bureau showed the overall trade deficit with the world narrowed, the result of an expanding trade surplus in services. The trade deficit in goods was the highest on record.

Today’s Forbes Daily also covers the growing Epstein files backlash, AI firms spend a record amount lobbying, the ForbesBLK 50: Money Masters list and more.

The U.S. trade deficit with some countries fell in 2025, but rising AI-driven imports kept the overall trade gap nearly unchanged.

Investors await a Supreme Court ruling on Trump-era tariffs even as new data show last year’s tariff surge had little impact on the overall trade gap.

President Donald Trump claimed on Wednesday that his administration's aggressive tariff policies have sparked a "staggering" 78% reduction in the U.S. trade deficit, vowing the nation will soon achieve its first trade surplus in decades.