U.S. trade deficit hits record high in March

The U.S. trade deficit reached a record high of $74.4 billion in March as the improving U.S. economy increased purchases of goods from overseas.

The U.S. Commerce Department reported Tuesday that the trade deficit for the three-month period was 5.6 percent higher than February’s $70.5 billion.

Despite calls from U.S. political figures such as President Biden to buy American-made goods, the trade deficit remains a persistent factor for the United States, the world’s largest economy.

The Commerce Department said U.S. imports in March were $274.5 billion, up 6.3 percent, and exports were $200 billion, up 6.6 percent. As usual, the trade deficit with China was the highest of any country, at $27.7 billion, an increase of 11.6 percent.

The U.S. trade deficit last year was $679 billion, up 17.7 percent and the highest since 2008.

Former President Donald Trump sought to narrow the trade deficit by increasing tariffs on imported goods. The U.S. trade deficit declines slightly in 2019 but increases again in 2020 due to a new crown epidemic that greatly limits exports.