Record U.S. Trade Deficit Amid Escalating Tariffs

News Snapshot:

The United States witnessed a record-high trade deficit of $140.5 billion in March, exacerbated by businesses increasing imports ahead of President Trump's stringent tariffs. The uptick in imports, while broad, did not extend to China, where imports fell to a five-year low. The Commerce Department's report indicates that the widening trade gap significantly impacted the GDP, pushing it into negative territory for the first time in three years. The trade war's economic implications are expected to persist, possibly dampening future export growth. Experts caution that while a reduction in imports might bolster GDP recovery, the situation remains precarious with a...