💨 Abstract

The U.S. trade deficit hit a record high of $140.5 billion in March due to increased tariffs imposed by President Donald Trump. Consumers and businesses rushed to import goods before more duties kicked in, leading to a surge in imports. This surge contributed to a decrease in economic growth in the first quarter of the year, as the U.S. GDP fell at a 0.3% annual pace.

Courtesy: wtop.com

Summarized by Einstein Beta 🤖