NEW YORK — U.S. imports of goods from China slowed in March while American businesses accelerated efforts to import goods from other Asian countries ahead of U.S. President Donald Trump’s sweeping tariffs, resulting in the largest trade deficit on record and hampering economic growth in the first quarter.
The U.S. trade deficit in goods for March rose 11.2% from the prior month to a record $163.5 billion, driven by imports of consumer products. Imports from China dropped 7% to $29.4 billion, the Commerce Department’s Bureau of Economic Analysis reports.
