The Bureau of Economic Analysis (BEA) has reported a decrease of $76.7 billion (approximately €66.759 billion) from March’s total of $138.3 billion.
U.S. President Donald Trump’s announcement to increase tariffs on steel and aluminum from 25% to 50% came into effect on Wednesday.
Since Trump took office, the price of steel products has risen by about 16%, according to the government’s producer price index.
The Republican leader’s announcement followed a day after a court of appeals lifted an International Trade Court (ITC) block on much of Trump’s tariff policy on imports from various countries.
This block had not affected steel tariffs but rather those announced on April 2, which include a global 10% tariff on nearly all U.S. trading partners.
Additionally, it had stalled a portion—frozen until July for agreement signings—that varies by country based on trade deficits and volumes, which the White House termed “reciprocal tariffs.”
The U.S. has maintained a trade deficit with the rest of the world for 49 consecutive years.
