The U.S. trade deficit soared to a record high in March, as importers raced to bring in foreign goods before new tariffs kicked in. U.S. imports in March rose 4.4% to $419 billion, the Commerce Department said Tuesday.

The U.S. trade deficit soared to a monthly record of $140.5 billion in March, signaling a rush for imports from businesses and consumers alike ahead of President Donald Trump’s latest — and most sweeping — tariffs taking effect.

The U.S. trade deficit widened to a record high in March as businesses boosted imports of goods ahead of President Donald Trump's sweeping tariffs, which dragged gross domestic product into negative territory in the first quarter for the first time in three years.