US commercial deficit reaches a record in March with increased imports before tariff application

The US commercial deficit grew 14% in March, reaching a record value of US $ 140.5 billion, according to data released by the Department of Commerce Economic Analysis Office on Tuesday, 6.

The increase was driven by a business movement to anticipate product imports, in response to the rates announced by the government of former President Donald Trump.

Total imports grew 4.4% and reached $ 419 billion, while exports rose 0.2% to $ 278.5 billion. The negative balance had a direct impact on Gross Domestic Product (GDP), which had an annualized contraction of 0.3% in the first quarter, marking the first retreat in three years.

Import growth included high $ 22.5 billion in consumer goods, driven by pharmaceutical products from Ireland. Imports of capital goods increased US $ 3.7 billion, especially computer accessories.

There was also an increase of US $ 2.6 billion in vehicles and auto parts. On the other hand, imports of industrial supplies fell US $ 10.7 billion, highlighting a drop of US $ 10.3 billion in finished metal forms and $ 1.8 billion in non -monetary gold.

Economists indicated that the data reflect capital movements arising from tariff policy. Professor Brian Bethune of Boston College said that between December 2024 and March 2025 there was a $ 92.5 billion increase in gold and silver volume kept outside the US territory, which he classified as a “parking” of economies in non -productive assets.

The appreciation of import costs occurs in the context of the tariffs imposed on Chinese products. Since early April, additional rates have been applied to certain items, raising the tax burden of part of the products to 145%.

According to the Department of Commerce, imports from China reached the lowest level since 2020. Purchases from other countries, such as Mexico, Vietnam, the United Kingdom, Ireland and Germany, reached record values.

The commercial deficit of goods with China fell from $ 26.6 billion in February to US $ 24.8 billion in March. A reduction in the deficit with Canada, which went from $ 7.4 billion to US $ 4.9 billion was also recorded. The deficit with Mexico remained stable. Already the surplus with the United Kingdom presented retraction.

Economists pointed out that imports from the European Union, especially from Ireland, grew substantially and may fall in April.

Citigroup economist Veronica Clark noted that while additional 40% to 50% fares were postponed to July, some Asian countries may further expand their exports to the US.

Exports of goods rose 0.7% and reached US $ 183.2 billion, the highest value since July 2022. The advance was driven by an increase of $ 2.2 billion in supplies and industrial materials, including natural gas and non -monetary gold.

Exports of vehicles and auto parts grew $ 1.2 billion. On the other hand, outskirts of capital goods fell US $ 1.5 billion, especially the retraction of US $ 1.8 billion in civil aircraft shipments.

Exports of services, in turn, retreated $ 0.9 billion, reaching US $ 95.2 billion. The travel segment was primarily responsible for the fall, with a retraction of US $ 1.3 billion.

Analysts attribute this result to the reduction of the number of international visitors, especially from Canada, in response to commercial tariffs, migratory policy and statements by the former president about possible territorial annexations.

The US dollar accumulated devaluation of 5.11% in the year against coins of business partners. On Tuesday, the currency operated low in relation to a basket of coins. At the same time, the financial markets dropped stocks on Wall Street and variation in the income of the Treasury titles.

Federal Reserve authorities started a two -day meeting to deliberate on monetary policy. The expectation of the market is to maintain interest rates. However, analysts accompany the press conference of Central Bank President Jerome Powell in search of signs about the resumption of monetary loosening.

The impact of the commercial deficit on the performance of the US economy was expressive. According to the government, the difference between exports and imports reduced 4.83 percentage points of GDP in the quarter, which contributed directly to the retraction of economic activity.

Trump, who sees tariffs as a mechanism for generating revenue and strengthening national industry, has not yet announced new trade agreements in his second term.

Economists evaluate that the anticipation of imports can have a temporary effect, with the possibility of slowdown until May, which may contribute to the recovery of GDP in the second quarter.

However, they warn that a drop in exports may limit this effect if there is extension of commercial and tourist boycott by other countries.

Short -term prospects remain conditioned to the evolution of international trade relations and economic policy decisions in the United States.