Business
U.S. Trade Deficit Plummets in April
U.S. trade fell sharply as President Trump’s global tariffs began to weigh on imports.
The U.S. trade deficit in goods and services narrowed sharply in April, falling to $61.6 billion compared with$138.3 billion in March as tariffs clamped down on global trade.
U.S. goods imports fell significantly in April, dropping by 16.3 percent from March, the data released from the Commerce Department showed, as tariffs on exports from China and other countries weighed on trade. The sharp drop reflected the fact that importers had rushed to bring many goods into the United States at the beginning of the year to get ahead of tariffs ordered by President Trump.
Exports rose slightly, up 3 percent from the previous month.
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