Read, Watch or Listen

US imports plummeted by 20% in April, the largest monthly drop on record, due to President Trump's tariffs. This sharp decline, impacting imports from Canada and China, significantly reduced the US trade deficit. The drop follows a surge in imports earlier this year as businesses anticipated the tariffs. Analysts note the tariffs have raised the average effective tariff rate to its highest level since the 1930s. While Trump and Xi Jinping spoke to try and resolve trade issues, the impact on various sectors, including automobiles and consumer goods, is substantial.

Prepared by Christopher Adams and reviewed by editorial team.