May 3 (UPI) — The U.S. trade deficit sank 15 percent in March to $49 billion, its lowest amount in six months, the Commerce Department said Thursday.
The trade deficit fell from $57.7 billion in February, a release shows. March exports totaled $208.5 billion — 2 percent more exports a month earlier. Imports dropped 1.8 percent to $257.5 billion during that time.
The decline happened after six months of deficit increases, but it’s likely only temporary, according to MarketWatch. The 2018 U.S. deficit is already expected to be greater than its 2017 deficit.
The exports in March set a record high — in part due to shipments of planes and soybeans ahead of pending China tariffs to retaliate for the United States imposing trade sanctions.
President Donald Trump’s administration recently threatened up to $150 billion worth of tariffs on Chinese goods over alleged unfair trade practices. Trump has also announced tariffs on steel and aluminum imports into the U.S.