The US trade deficit reached a record $140.5 billion (€123.6 billion) in March, driven by a surge in imports, particularly pharmaceuticals, as businesses stockpiled to offset potential tariff impacts.
According to data from the US Department of Commerce, exports of goods and services totaled $278.5 billion (€244.9 billion), while imports climbed to $419 billion (€368.5 billion). A significant portion of this increase was due to pharmaceutical imports, which rose by $20.9 billion (€18.4 billion), as companies moved to secure supplies ahead of anticipated trade measures.
Economists suggest the import surge is largely sector-specific, with pharmaceuticals accounting for most of the growth. Other sectors, such as retail, showed less activity, possibly due to existing tariffs or uncertainty about future trade policies. Meanwhile, imports of capital goods and automobiles rose, while industrial materials, including steel and crude oil, declined amid existing levies.
The spike in imports coincided with heightened trade tensions as new tariff measures were announced. While the White House argues these tariffs will reduce trade deficits and bolster domestic manufacturing, experts caution they may lead to higher costs for businesses and consumers.
The increased imports contributed to a decline in the US economy's growth rate, with the first quarter seeing a 0.3% contraction in GDP. Analysts expect the import surge to stabilize in the coming months, alleviating some pressure on economic growth.
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The United Arab Emirates has set a minimum age of 15 for social media use, becoming the first Arab country to introduce such a restriction as governments worldwide seek to address growing concerns over the impact of online platforms on children.
Labour mayor Andy Burnham cleared a path to ousting British Prime Minister Keir Starmer after winning a parliamentary seat in northern England on Friday in what could be most consequential local election in more than six decades.
World Cup action delivered impressive wins and late drama on 18-19 June. Mexico booked their place in the knockout stage as Group A winners, while Jonathan David's hat-trick inspired Canada to a 6-0 thrashing of Qatar.
Israeli Foreign Minister Gideon Saar has said he is severing “all contact” with European Union foreign policy chief Kaja Kallas, following remarks attributed to her that reportedly compared Israel’s policies toward Palestinians to apartheid-era South Africa.
Donald Trump has said the U.S. will resume bombing Iran if Tehran doesn't "behave," at the sidelines of the G7 summit in France. Earlier, the U.S. President criticised Israel for its tactics against Hezbollah, saying it was unnecessary to bomb entire apartment buildings to tackle militants.
U.S. President Donald Trump sought a deal with Iran "out of deperation," Iranian Supreme Leader Mojtaba Khamenei has said, in a statement on social media. Khamenei added that he himself "held a different view," to Trump, but allowed the agreement after receiving assurances from Iran's President.
Britain has announced an additional £8 million ($11 million) to help Pakistan combat illegal migration, human trafficking and organised crime, while praising Islamabad's role in diplomacy that helped secure the recent U.S.-Iran agreement.
Caleb Yirenkyi’s stoppage-time goal secured a 1-0 win for Ghana over Panama as World Cup action delivered a mix of late drama and key results. Colombia and England also began their campaigns with victories, while DR Congo held Portugal in a historic 1-1 draw and Austria beat Jordan 3-1.
The European Commission has announced €493 million in emergency support for the Ebola response, including funding for vaccines, treatment and health security measures.
The United Arab Emirates has set a minimum age of 15 for social media use, becoming the first Arab country to introduce such a restriction as governments worldwide seek to address growing concerns over the impact of online platforms on children.
Nearly 300 students and staff were evacuated after a fire broke out at an elementary school in northern Tokyo on Friday morning, leaving 10 people with minor injuries, according to Japanese media.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 19 June, covering the latest developments you need to know.
Labour mayor Andy Burnham cleared a path to ousting British Prime Minister Keir Starmer after winning a parliamentary seat in northern England on Friday in what could be most consequential local election in more than six decades.
European Union leaders agreed on Thursday to extend sanctions against Russia over its ongoing war in Ukraine for a further 12 months, marking the first time the restrictive measures have been renewed on an annual basis rather than the previous six-month cycle.
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