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The U.S. trade deficit narrowed its record-breaking margin in April, according to Thursday’s release by the U.S. Census Bureau and the U.S. Bureau of Economic Analysis.
The trade deficit fell to $61.6 billion in April, down 55.5% from March.
Exports in April were $289.4 billion, up from $8.3 billion last month. Imports also fell by $68.4 billion compared to the early stages of March.
President Trump touted his trade policy as a re-exhaustion of foreign partners by re-ordering factors to reduce the trade deficit.
But a federal judge ruled that the president’s tariffs were illegal and issued indefinitely on Tuesday, forcing international duties to cease until the Court of Appeals issued a ruling.
But data shows that trade relations with certain countries are improving.
The U.S.-Swiss balance changed from $15.4 billion in March to a surplus of $3.5 billion in April, according to a press release Thursday.
Ireland’s deficit dropped from $19.9 billion to $9.5 billion in a month, while Taiwan’s deficit increased.
The country is still maintaining a deficit of over a billion dollar with China, the EU, Japan, Germany, Mexico, Canada, India, Israel and South Korea.
The Trump administration has been working to reach a long-term deal to stabilize individual trade rates in the above countries. A 26-day deadline is imminent, marking the end of Trump’s pause on reciprocity tariffs.
White House officials wrote each country a personalized letter urging them to submit proposals for tariff pricing, while statistics at the beginning of the year showed that the U.S. goods and services deficit increased by $179.3, an increase of 65.7% from last year.