US trade deficit hits record high ahead of Trump tariffs

The U.S. trade deficit hit a record $140.5 billion in March, nearly double from $68.6 billion a year prior, as businesses and consumers stockpiled goods, particularly pharmaceuticals, in anticipation of President Trump’s impending tariffs. March imports surged to nearly $419 billion, with a notable increase in consumer goods and pharmaceutical products, primarily from Ireland. This influx contributed to a GDP decline of 0.3% in the first quarter, as rising tariffs threatened to elevate costs for businesses and consumers alike.