The U.S. trade deficit in goods and services rose to $60.3 billion in March, increasing 4.4% from the previous month, after the Supreme Court struck down President Donald Trump’s global tariffs, according to data from the Commerce Department released Tuesday.
Exports grew 2% in the month, to a record $320.9 billion, as the United States exported more oil, soybeans and industrial supplies. The U.S. trade surplus in petroleum hit a record in March, as war with Iran pushed up the price of oil and U.S. energy exports. Imports also gained 2.3% in March, to $381.2 billion. The combination increased the monthly trade deficit, the gap between what the United States imports and what it exports.
Tariffs resulted in up-and-down swings in the trade deficit last year. The monthly trade deficit is now somewhat lower than it was in 2024. But overall, the figure hit a record last year, as the United States continued to import high-priced computer chips and weight-loss drugs, and importers stockpiled foreign goods before tariffs took effect.
The data provided the first snapshot of trade since the Supreme Court ruling forced major changes to the Trump administration’s tariff regime.
On Feb. 20, the Supreme Court ruled that Trump had exceeded his authority last year when he used an emergency law to impose steep tariffs on nearly every nation.