'We Will Start to See Empty Shelves'' From the Trade War, Says Apollo's Slok

11th May 2025

The US trade deficit widened to a record in March as companies rushed to import products as the Trump administration readied sweeping tariffs.

The goods and services trade gap grew 14% from the prior month to $140.5 billion, Commerce Department data showed Tuesday. The median estimate in a Bloomberg survey of economists was for a $137.2 billion deficit.

The value of imports jumped 4.4% to a record $419 billion, while exports edged up just 0.2%. The figures aren't adjusted for inflation.
Imports of consumer goods climbed by the most on record, primarily due to a surge in inbound shipments of pharmaceuticals. Imports of capital equipment and motor vehicles also increased.

The report illustrates what was likely the final push by US companies to secure goods before President Donald Trump announced expansive duties on April 2. The dramatic widening of the trade deficit in the first quarter was the key reason the economy contracted for the first time since 2022.

Apollo Global Management Chief Economist Torsten Slok explains why he believes American consumers will soon start to feel the impact of President Trump's trade war first-hand. Torsten speaks with Tom Keene and Tim Stenovec on Bloomberg Radio.

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