The imports from the United States from China fell to March to 29.4 billion, its lowest level since March 2020, in full pandemic. The products from the Asian giant were subjected that month to an additional 20% tariff decreed by Donald Trump with the fentanyl as an excuse. In addition, that additional 25% tariffs entered that month to aluminum and steel purchases. On the other hand, the commercial deficit in the exchange of goods with the world as a whole pulverized all records. He shot up to 163,500 million dollars in March, compared to 92.5 billion of the same month of the previous year,
The data show the deterrent effect of tariffs on purchases to China, but also that, for the moment, Trump achieved in the first quarter with his commercial policy commercial quite the opposite of what he intended. Their threats of tariffs caused the imports of the United States to fire before the so -called Liberation Day, companies and individuals have been advancing their purchases for months to avoid tariffs, distorting the US economy, which for the first time in three years.
The new figures collect with much more detail the exchange of goods of the first economy of the world that in March there was a record for import import (346.8 billion dollars), historical maximum import of goods and services (419,000 million) and records also both in the pure commercial balance (the 163.5 billion mentioned) and in which it includes goods and services (140.5 billion).
By countries, there was record deficit with Ireland (29.3 billion), Mexico (18,600), Vietnam (13.5 billion), India (7,400) and France (3,500). The import record from those five countries and also from those from Germany, the United Kingdom, Holland, Italy and Belgium.
The figures are distorted by the change in behavior of economic agents before Trump’s trade erratic. Even in the case of China, the effect is difficult to measure. Imports marked their monthly minimum in five years, but still shoot in the quarter, from 97,600 to 102.7 billion dollars. And the commercial deficit in the exchange of goods increases both in the month and in the quarter, reaching between January and March 70,837 million, compared to 60,773 million of the same period of the previous year.
On April 2, Trump imposed on Chinese products that after the impact on Chinese imports will be noticed above all in April figures. The same will happen, predictably, with imports from other countries, in part because purchases have already advanced and partly because of the increase involved in the changing tariffs of that month, which stabilized in general at a rate of 10% in one of the multiple rectifications of Trump.
The March Ireland deficit seems to increase the imports of pharmaceutical products. American pharmaceutical companies, including Eli Lilly and Pfizer, operate almost two dozen factories in Ireland that export to the United States, according to a TD Cowen analysis cited by Bloomberg. American imports of pharmaceutical preparations from the world as a whole increased by 71% in March, to reach the record of 50.4 billion dollars. Trump has not yet approved tariffs to those products, but has threatened to do it repeatedly.
Even Spain had a commercial surplus with the United States in March, with a figure of 81 million dollars, according to US official figures. In the accumulated of the first three months, however, it is the United States that maintains surplus against Spain, for an amount of 513 million,
