FEBRUARY 19, 2026 CB 26-31, BEA 26-09 The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $70.3 billion in December, up $17.3 billion from $53.0 billion in November, revised. December exports were $287.3 billion, $5.0 billion less than November exports. December imports were $357.6 billion, $12.3 billion more than November imports. The December increase in the goods and services deficit reflected an increase in the goods deficit of $15.7 billion to $99.3...

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Global trade flows were reshaped in 2025 following the introduction of new US tariffs. US import growth weakened sharply, reflecting a strong decline in imports from China. Meanwhile, Chinese exports have surprised to the upside overall, with broad-based growth across destinations outside the United States. A key question is whether this resilience reflects trade diversion in response to the US tariffs, i.e. the reallocation of exports originally destined for one market towards alternative markets, or other adjustment mechanisms, such as...

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Munich, 14 February 2026 It is a mark of how much our world has changed that a central banker speaks at the Munich Security Conference on supply chains. A decade ago, this would have seemed like a category error. Today, everyone in this room recognises that trade is as much a security issue as an economic one. Economic interdependence has deepened substantially in recent decades, creating intricate webs of cross-border trade flows. Where this was once seen as a source of stability,...

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The Council today formally approved new customs duty rules for items contained in small parcels entering the EU, largely via e-commerce. The new rules respond to the fact that such parcels currently enter the EU duty free, leading to unfair competition for EU sellers. "As global e-commerce booms, EU customs rules must keep pace. Abolishing the out-of-date exemption for small parcels will help support EU business and shut down avenues for unscrupulous sellers. Now, we need to move forward decisively on the...

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Import tariffs imposed by other countries tend to lower euro area inflation and weaken growth. However, the sectors most exposed are also the most responsive to interest rate changes. This means that monetary policy can help offset disinflationary pressures and support activity.   Tariffs are a tax on trade. The immediate impact falls on the country imposing them, as import prices rise and trade volumes fall. But trading partners can also be affected. On the one hand, higher import costs reduce...

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Bernd Lange, chair of Parliament’s International Trade Committee and standing rapporteur for the US, has issued the following statement regarding the EU-US trade deal. Following a Wednesday afternoon meeting of the committee’s shadow rapporteurs (i.e. political group representatives responsible for work on the legislation linked to the implementation of the Turnberry deal), Bernd Lange (S&D, Germany) said: “A majority of shadow rapporteurs of the International Trade Committee have today decided to resume work on the two Turnberry legislative proposals. A vote could...

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