05/06/2025

U.S. Trade Deficit Hits a Record High

Businesses and consumers are trying to get ahead of Trump's tariffs

In March, the U.S. trade deficit soared to a record $140.5 billion as consumers and businesses alike tried to get ahead of President Donald Trump latest and most sweeping tariffs — with federal data showing an enormous stockpiling of pharmaceutical products.

The deficit, which measures the gap between the value of goods and services the U.S. sells abroad against what it buys, has roughly doubled over the last year. In March 2024, Department of Commerce records show, that gap was just under $68.6 billion.

According to federal data released on Tuesday, U.S. exports for goods and services totaled about $278.5 billion in March, while imports climbed to nearly $419 billion. That's up $500 million and $17.8 billion, respectively, from February trade.

Please select this link to read the complete article from The Associated Press.