In March 2025, the US trade deficit expanded to a record-breaking $140.5 billion, surpassing the anticipated $137 billion shortfall. Imports surged by 4.4%, climbing to a historic high of $419 billion, as businesses braced for potential tariff increases slated for April. Significant increases were observed in imports of pharmaceutical preparations, passenger cars, and computer accessories. However, there was a decline in the purchase of finished metal shapes, nonmonetary gold, and crude oil. Conversely, exports saw a modest rise of 0.2%, also setting a new record at $278.5 billion. The main contributors to this increase were passenger cars, natural gas, nonmonetary gold, and computer accessories, although exports of civilian aircraft declined.
The trade deficit with the European Union widened considerably, growing to $48.3 billion from $30.9 billion, with Ireland ($29.3 billion, up from $14 billion) and Vietnam ($14.1 billion, up from $12.4 billion) being notable contributors. In contrast, the deficit with China narrowed to $24.8 billion from $26.6 billion, and similar trends were observed with Switzerland, reducing to $14.7 billion from $18.8 billion, and Canada, down to $4.9 billion from $7.4 billion. The trade balance with Mexico remained relatively stable at $16.7 billion.
