The News
The US trade deficit rose to a record-high of $140.5 billion in March, surging 14% from the previous month as importers rushed goods into the country to preempt US President Donald Trump’s sweeping tariff hikes, Commerce Department data released Tuesday showed.
Consumer goods imports jumped by their largest margin ever, driven by a 71% spike in pharmaceutical imports.
The March data, which precedes Trump’s April 2 “Liberation Day” tariffs, underscored other numbers showing the US economy contracted by 0.3% in the first quarter, dragged down by increased imports.
While official April trade figures won’t come until June, analysts have warned of a broader supply chain shock in the coming weeks: US shipping ports have seen decreasing import and export orders, especially from China.
