U.S. Goods Imports Post Record Monthly Decline 📉

Key Takeaways

• In April, U.S. goods imports fell 20% to reach $275.9 billion, with the largest decline seen across consumer goods.
• Pharmaceutical imports dropped by $26 billion due to Trump's April 6 'Liberation Day' tariffs.
• Industrial imports sank 31%, with finished metal shapes falling by $16.9 billion alone—one of the highest single categories overall.

America's Shifting Import Dynamics

While the U.S. trade deficit hit all-time highs in March ahead of Trump's anticipated tariffs, it contracted by 55% in April to reach levels seen in September 2023.

Consumer goods imports fell to $69.9 billion, almost a third lower than in the previous month.

Meanwhile, automotive imports tumbled by 20%, with notable drops from Canada.