The U.S. trade deficit ballooned 14 percent to a record high of 140.5 billion U.S. dollars in March, as businesses stockpiled goods to get ahead of sweeping tariffs President Donald Trump imposed the following month.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced that the goods and services deficit in March went up 17.3 billion dollars from 123.2 billion dollars in February. March exports were 278.5 billion dollars, 500 million dollars more than February exports. March imports were 419.0 billion dollars, up 17.8 billion dollars from February imports.
An export slide that began in early 2025 has reached most ports across the United States, with the U.S. agricultural sector and top farm products including soybeans, corn and beef taking the hardest hit, according to trade tracker Vizion in a CNBC report.
Ports data showed the U.S. farming sector lacks the ability to move products out to global markets.
The Port of Portland, Oregon, tops the list with a 51-percent slump in exports, while the Port of Tacoma, Washington, a large agricultural export port, has seen a 28-percent decrease.
According to Ben Tracy, vice president of strategic business development at Vizion, nearly all of U.S. exports have taken a hit.
US trade deficit hits record with big plunge in farm produce exports
U.S. President Donald Trump said Friday that he is considering "winding down" the U.S. military strikes against Iran, claiming the United States is "getting very close to" meeting its objectives.
"We are getting very close to meeting our objectives as we consider winding down our great Military efforts in the Middle East" with respect to Iran, Trump said on Truth Social.
The objectives Trump outlined include degrading Iran's missile capabilities, destroying its defense industrial base, eliminating its navy and air force, preventing it from ever approaching nuclear capability and protecting U.S. allies across the region.
Also on Friday, Trump said that he does not want a ceasefire with Iran.
"We can have dialogue, but you know, I don't want to do a ceasefire," Trump told reporters before he departed the White House for Florida, noting "You don't do a ceasefire when you're literally obliterating the other side."
"U.S. government says one thing, reality says another," Iranian Foreign Minister Seyed Abbas Araghchi said Friday on X, questioning White House's repeated claims that Iran's air defenses and Navy have been destroyed.
Trump on Truth Social also said that the Strait of Hormuz, a crucial global energy waterway, should be secured by the countries that rely on it and Washington would assist if asked.
"The Hormuz Strait will have to be guarded and policed, as necessary, by other Nations who use it -- The United States does not! If asked, we will help these Countries in their Hormuz efforts, but it shouldn't be necessary once Iran's threat is eradicated," Trump added.
The United States and Israel launched joint military strikes on Iran on Feb 28, disrupting global shipping, sending oil prices soaring and shaking the global economy.
Trump says considering "winding down" strikes on Iran
