After releasing a report last month showing the smallest U.S. trade deficit in well over five years, the Commerce Department released a report on Tuesday showing that the trade deficit widened substantially in the month of March.
The report said the trade deficit soared to $51.4 billion in March from a revised $35.9 billion in February. Economists had expected a significantly smaller deficit of about $42.0 billion.
The much wider than expected deficit in March reflected the largest U.S. trade deficit since the $60.2 billion gap seen in October of 2008.
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