FILE PHOTO: Stacked containers are shown as ships unload their cargo at the Port of Los Angeles in Los Angeles, California, U.S. November 22, 2021. REUTERS/Mike Blake
March 8, 2022
By Lucia Mutikani
WASHINGTON (Reuters) – The U.S. trade deficit widened to a record high in January as businesses imported more goods to rebuild inventories, potentially setting up trade to remain a drag on economic growth in the first quarter.
Though inventory accumulation continues, the pace is cooling, with other data from the Commerce Department on Tuesday showing the increase in wholesale inventories in January was the smallest in six months amid a decline in motor vehicle stocks.
The reports support views of significantly slower gross domestic product growth this quarter after a robust performance in the final three months of 2021.
“This jump in the trade deficit points to a large drag…
