US Trade Deficit Hits Record High Ahead of Trump Tariffs – RVBusiness – Breaking RV Industry News
NEW YORK — The U.S. trade deficit soared to a record $140.5 billion in March as consumers and businesses alike tried to get ahead of President Donald Trump’s latest and most sweeping tariffs — with federal data showing an enormous stockpiling of pharmaceutical products, according to an Associated Press report.
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, Commerce Department 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.
Consumer goods led the imports surge — increasing by $22.5 billion in March. And pharma products in particular climbed $20.9 billion, the U.S. Census Bureau and Bureau of Economic Analysis noted, signaling that drugmakers sought to get ahead of Trump’s threats to slap tariffs on the sector.
Click here to read the full Associated Press report.
