Matt Grossman

A lot of economists think that what's going on is companies in the U.S. that rely on goods from overseas, whether that's products that they want to sell to American consumers or things that they need for their factories to create goods in the United States.

A lot of economists think that what's going on is companies in the U.S. that rely on goods from overseas, whether that's products that they want to sell to American consumers or things that they need for their factories to create goods in the United States.

Those companies saw tariffs coming and in anticipating that, many of those companies really ramped up their imports in January, thinking that tariffs would come into play down the line.

Those companies saw tariffs coming and in anticipating that, many of those companies really ramped up their imports in January, thinking that tariffs would come into play down the line.

It's a little bit hard to say. These data are more than a month old now, and we're going to have to wait a couple months to see how the tariffs that went into place this week affected the trade balance in March. Often the exchange rates between countries adjust, and that's another layer that affects the decisions that companies and shoppers make about where to buy things from.

It's a little bit hard to say. These data are more than a month old now, and we're going to have to wait a couple months to see how the tariffs that went into place this week affected the trade balance in March. Often the exchange rates between countries adjust, and that's another layer that affects the decisions that companies and shoppers make about where to buy things from.

This is really a new world. So it's going to be very challenging for economists to see what's coming. And that's why data like this are so important.

This is really a new world. So it's going to be very challenging for economists to see what's coming. And that's why data like this are so important.

Thank you.

Thank you.