The U.S. trade deficit jumped to $140.5 billion in March, up 8% from February, as newly enacted Trump administration tariffs ripple through the economy. Year-to-date, the goods and services deficit has ballooned by 92.6%, reaching $189.6 billion more than the same period in 2024, according to data released Tuesday by the U.S. Census Bureau and the Bureau of Economic Analysis.
March imports surged to $419.0 billion, an increase of $17.8 billion, while exports grew only marginally to $278.5 billion. Analysts attribute the import spike to companies front-loading purchases in anticipation of worsening trade tensions, particularly with China.
Increases were seen in imports of vehicles, industrial supplies, and consumer goods. Although Trump scaled back planned tariffs on auto imports set for May 3, businesses likely adjusted early to mitigate costs.
The trade gap adds further pressure on the administration’s global trade strategy, even as it seeks bilateral deals and promotes economic nationalism.
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