BlockBeats news reported that on May 6, the U.S. trade deficit in March widened to a record high as companies increased imports of goods before tariffs were imposed, which dragged down U.S. GDP in the first quarter, resulting in negative growth for the first time in three years.
The U.S. Bureau of Economic Analysis (BEA) said on Tuesday that the trade deficit in March surged 14.0% from a revised $123.2 billion in February to a record $140.5 billion. Economists surveyed by Reuters had previously expected the February trade deficit to rise from the previously reported $127.0 billion to $137.0 billion. Trump's comprehensive tariffs have prompted companies to import goods to avoid higher costs.
Data shows that U.S. imports in March grew by 4.4% to a historic high of $419.0 billion. Goods imports soared by 5.4% to a record $346.8 billion. Exports increased by 0.2% to $278.5 billion, also a record high. Goods exports rose by 0.7% to $183.2 billion. Economists expect that the surge in imports will subside by May, which could help GDP rebound in the second quarter. (Jinshi)