Goods brought into the US plunged by 20% in April, recording their largest ever monthly drop in the face of a wave of tariffs unleashed by US President Donald Trump. The retreat reflects the abrupt hit to trade, after firms had rushed products into the country earlier this year to try to get ahead of new taxes on imports Trump had promised.

US imports of foreign made goods fell sharply in April compared with the previous month, as tariffs clamped down on global trade. Much of the 16.3 percent drop from March, however, reflected the fact that importers rushed to bring many goods into the United States at the beginning of the year to get ahead of tariffs ordered by President Trump.

The U.S. trade deficit narrowed significantly in April as President Donald Trump sharply escalated tariffs before pausing a large swath of the levies, U.S. Commerce Department data on Thursday showed.

Winnebago’s stock dropped after the RV maker issued a profit warning and said it was cutting jobs, as the Trump presidency hasn’t provided the retail momentum that was hoped for.

The Congressional Budget Office projected President Trump's tariffs could raise trillions of dollars over the next decade — but they could also lead to higher inflation and slower economic growth.