Overview

• The U.S. trade gap shrank 55.5% to $61.6 billion in April, the smallest since September 2023, after a 16.3% plunge in imports following a pre-tariff front-loading surge.
• Exports rose 3.0% to an all-time high of $289.4 billion, driven by gains in industrial supplies, nonmonetary gold, crude oil and services.
• Canada’s merchandise deficit widened to C$7.1 billion—the largest on record—as exports to the U.S. fell 15.7% for a third consecutive month.
• An appeals court has stayed a federal judge’s ruling that found the tariffs unlawful, keeping the 10% levies in effect pending further review.
• President Trump and Xi Jinping have held trade discussions and the administration has paused additional tariff hikes until early July while negotiations continue.