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Key Takeaways
- According to the most recent data, imports increased, driven primarily by spending on computer equipment needed to build AI infrastructure.
- Computer imports jumped 65% in July compared to the year prior, while computer accessory imports were up 50%.
- Meanwhile, imports of other products subject to tariffs have declined this year: airplanes are down 30%, trucks fell 13%, and cars are 11% lower.
Tariffs are slowing imports in many industries, but thanks to artificial intelligence, there’s one major category that’s still booming: computer equipment.
New trade data showed total U.S. imports rose 6% in July, even as many tariffs took effect. A closer look reveals that much of the recent import increase can be attributed to companies building out data centers to support the AI boom.
“Capital goods linked to AI and data centers, specifically computers and semiconductors, continue to be a source of resilience for imports,” wrote Matthew Martin, senior economist at Oxford Economics.
July’s surge in computer imports helped push up the overall U.S. trade deficit by nearly 33% to $78.3 billion, according to Bureau of Economic Analysis.
High-Tech Spending Drives Capital Goods Imports
High-tech imports are up 34% year-over-year through July, the BEA data showed. Computer shipments jumped 65% for the month, while computer accessories were up 50%.
While total capital goods imports have climbed 15% this year, Martin said, all other imports fell by 11%.
“The import trade over the past year is best understood when viewed through the lens of high-tech imports,” wrote Wells Fargo economists Shannon Grein and Tim Quinlan. “When it comes to imports, it is tech’s world.”
In fact, Goldman Sachs projects that the five biggest U.S. tech companies will spend $736 billion on capital goods like computer equipment in 2025 and 2026.
The Imports That Are Declining
Imports for other products that are subject to tariffs are seeing a decline, according to the BEA. Civilian aircraft imports fell by 30% year-over-year in July, while machinery imports declined 21%, trucks were down 13% and cars fell by 11%.
In addition to broad tariffs on imports from several major trading partners, the U.S. has also laid out tariffs on several specific sectors, including automobile and metals, all of which will raise costs for U.S. companies, said Jonathan Gold, vice president for supply chain and customer policy as the National Retail Foundation.
“These tariffs and disruptions to the supply chain are adding costs that will ultimately lead to higher prices for American consumers,” Gold said.
Tariffs could eventually slow down high-tech imports as well, Martin wrote, especially if President Donald Trump follows through with a proposal to issue steep tariffs on semiconductor imports.
“Looming sector-specific tariffs may put a dent in this demand but are unlikely to completely halt such imports, given the growth in business investment,” he wrote.
