The U.S. trade deficit widened by almost 12% in March as the coronavirus pandemic caused massive disruptions in commerce, grounded international flights and froze the global tourism industry.
The numbers: The U.S. trade deficit widened by almost 12% in March as the coronavirus pandemic grounded international flights, froze the global tourism industry and caused massive disruptions in the exchange of goods such as new cars and iPhones.
Imports dropped to $232.2 billion from $247.6 billion in March. The U.S. imported fewer cellphones, consumer electronics and autos. Shipments of cars and trucks were the lowest since 2011 and are expected to continue to weaken considerably more. Some of the decline in trade with China stems from higher U.S. tariffs, but the early spread of the virus in a key Chinese manufacturing hub severely reduced the flow of goods between the Asian country to the rest of the world.
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