US trade deficit rises 4.4% to $60.3 billion in March
The US trade deficit grew by 4.4% in March, hitting $60.3 billion.
What's behind the jump? Americans bought more AI hardware (think semiconductors), cars, and consumer goods than before, while exports like crude oil and petroleum products also climbed, partly because tensions spiked in the Middle East after strikes in the region.
AI hardware, oil shipments, tariff rush
Imports rose 2.3% to $381.2 billion, with strong demand for tech gear leading the way (economist Grace Zwemmer points out that AI hardware was a big driver here).
Exports went up 2% to $320.9 billion, fueled by oil shipments as shipping routes got disrupted after Iran nearly blocked the Strait of Hormuz.
Plus, a recent Supreme Court decision changed tariff rules from the Trump era, so businesses rushed to import goods before new duties kicked in.