May 7, 2025- What began as a rapid drop in U.S. imports as shippers cut orders from manufacturing partners around the world has now extended into a nationwide export slump, according to CNBC. The U.S. trade deficit in goods and services soared to a record $140.5 billion in March, according to NBC News, and year-to-date, the deficit has increased 92.6%, as companies and consumers rush to import goods before President Donald Trump’s sweeping global tariffs increase on July 6.