US Trade Deficit Surpasses $100 Billion In a Month for the First Time in History

From the story: The U.S. trade deficit hit a record $109.8 billion in March as import purchases spiked, the Commerce Department announced Wednesday. March was the first time in U.S. history that a monthly deficit surpassed $100 billion. The trade deficit refers to the gap between how much America purchases from other countries versus what it sells abroad. March also saw a record-setting increase in imports as companies seek to restore stockpiles following recent supply chain chaos (Fox Business). 

Wall Street Journal: Before the Covid-19 pandemic, the trade deficit had hovered for years between $40 billion and $50 billion a month (Wall Street Journal).