US trade deficit hits record $162B in March, amid tariff worries

The US trade balance posted a monthly deficit of $161.99 billion in March, reaching an all-time high, according to data released Tuesday.

The deficit shot up 9.6%, advance data from the US Census Bureau data showed.

The figure was up from $147.8 billion in February and exceeded a forecast of $142.8 billion.

US exports climbed 1.2% in March on a monthly basis to $180.76 billion, while imports rose 5% to $342.75 billion.

In March, wholesale inventories grew 0.5% to $908 billion.

The country's retail inventories fell 0.1% to $805.8 billion in March.

US President Donald Trump's April 2 announcement of new higher tariffs set off fears of a global trade war.

Although he later gave all countries, except China, a 90-day pause on the tariffs, uncertainty still looms over the global economy.

Trump has often spoken about using tariffs to bring down the US trade deficit with other countries.