The U.S. trade deficit narrowed by a record amount in April ahead of the implementation of President Trump's tariffs, according to a Thursday release from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis.
The trade deficit fell to $61.6 billion in April, a 55.5% drop from March.
Exports for the month of April were measured at $289.4 billion, exceeding the previous month by $8.3 billion. Imports were also down by $68.4 billion compared to the previous period in March.
President Trump has touted his trade policy as a factor in decreasing the trade deficit by ordering on again, off again levies of foreign partners.
However, a federal judge ruled that the president’s tariffs were illegal and issued an indefinite block on Tuesday, forcing halt international duties until an appeals court issues a ruling.
But data shows trade relationships with certain countries are improving.
The U.S. balance with Switzerland shifted from a deficit of $15.4 billion in March to a surplus of $3.5 billion in April, according to Thursday’s release.
The deficit with Ireland decreased from $19.9 billion to $9.5 billion in a one-month span while deficits with Taiwan increased.
The country still maintains above billion dollar deficits with China, the European Union, Japan, Germany, Mexico, Canada, India, Israel and South Korea.
The Trump administration has been working to strike a long term deal to stabilize individual trade rates with each of the aforementioned countries. A 26-day deadline looms, marking the end of Trump's pause on reciprocal tariffs.
White House officials wrote a personalized letter to each nation urging them to submit proposals for tariff pricing while year-to-date statistics show the U.S. goods and services deficit has increased $179.3 by 65.7 percent, from last year.
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