The U.S. trade deficit soared to a record $140.5 billion in March 2025, driven by businesses stockpiling goods ahead of anticipated tariffs under President Trump's policies. Federal data indicated a significant surge in imports, particularly in pharmaceutical products.
The deficit, representing the gap between U.S. exports and imports, has nearly doubled compared to the same period last year. In March 2025, U.S. exports reached $278.5 billion, while imports climbed to $419 billion. Consumer goods led the import surge, with pharmaceutical products experiencing a notable increase.
Imports of pharmaceutical preparations rose by $20.9 billion, primarily from Ireland, potentially in anticipation of tariffs on the sector. Imports of capital goods, such as computer accessories and automotive parts, also saw increases. The White House maintains that tariffs will reduce trade deficits and stimulate U.S. manufacturing. However, economists caution about potential consequences for businesses and consumers. The surge in imports contributed to a decrease in U.S. GDP growth in the first quarter of 2025.