Tariffs prompt record plunge in US imports

Beschreibung:

U.S. imports plunged 20% in April—the largest monthly drop on record—after President Trump’s new wave of tariffs took effect, following a rush by firms to import goods earlier in the year. Imports from China and Canada fell to their lowest levels in years, and the overall goods trade deficit was nearly cut in half. Trump’s broad tariffs, now at their highest levels since the 1930s, aim to boost domestic manufacturing and leverage trade negotiations, the BBC has reported. Talks with China are ongoing, but the tariffs have already disrupted global trade, slashing exports to the U.S. from countries like Mexico and Canada.