U.S. trade deficit surges to record high of nearly $950 billion

The U.S. trade deficit rose in 2022 to the largest-ever recorded gap of $948.1 billion as American consumers continue to depend heavily on imports to meet demand, according to data released Tuesday by the Commerce Department. 

The goods and services gap grew $103 billion from 2021, according to The New York Times. 

Exports increased 17.7% last year to $3 trillion, while imports rose 16.3% to $4 trillion, data shows.  

The Commerce Department's announcement comes the day of President Joe Biden's state of the Union address.