According to @charliebilello, this year’s US trade data were distorted by massive Q1 front‑running of tariffs as corporations built inventories that boosted imports and widened the trade deficit in Q1, source: @charliebilello on X, Dec 11, 2025. According to @charliebilello, firms are now working off those inventories, leading to lower imports and smaller trade deficits in subsequent months, source: @charliebilello on X, Dec 11, 2025. According to @charliebilello, the real US trade picture will not be clear until some point in 2026, source: @charliebilello on X, Dec 11, 2025. According to @charliebilello, consumer price increases are still likely ahead, source: @charliebilello on X, Dec 11, 2025.