cover of episode Some trade deficit whiplash

Some trade deficit whiplash

2025/6/5
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Marketplace Morning Report

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People
A
Andrew Kim
B
Betsy Stevenson
D
Diane Swonk
J
Johnny El-Hashim
M
Matt Groh
S
Sarah Slain
S
Shannon Grein
Topics
Diane Swonk: 我认为四月份的贸易逆差大幅收窄只是贸易政策变化带来的短期现象。医药品关税的前置效应和黄金进口量的变化是导致贸易逆差波动的主要原因。新关税可能对制造业活动产生轻微影响,并导致制造业乐观情绪下降。虽然钢铁关税创造了钢铁行业的工作岗位,但却以牺牲制造业的大量就业为代价,这使得整体经济效益降低。 Shannon Grein: 我强调服务业公司也需要购买商品来运营,因此进口税会影响到服务业。目前尚不清楚价格压力是否会持续,需要几个月的时间来观察。 Betsy Stevenson: 我指出企业一直在试图为关税的影响做准备,但现在这些努力可能不够了。消费者将开始感受到关税带来的压力,这可能会对消费者的购买力产生负面影响。

Deep Dive

Chapters
The U.S. trade deficit saw a record shrinkage in April, following its largest ever increase in the first quarter. This unexpected change is largely due to a decrease in pharmaceutical imports from Ireland (front-running tariffs) and gold bullion imports from Switzerland. The impact of new tariffs on employment is yet to be fully seen, but the manufacturing sector's optimism has already significantly decreased.
  • Record shrinkage in the U.S. trade deficit in April
  • Decrease in pharmaceutical imports from Ireland due to tariff front-running
  • Reduced gold bullion imports from Switzerland
  • Significant drop in the manufacturing sector's optimism index

Shownotes Transcript

The trade deficit — the difference between what the U.S. imports and what it exports — shrank by the most ever recorded in a single month in April. That news follows the largest widening of the trade deficit on record in the first quarter. We'll unpack what to make of it all. Also, service sector activity falls as tariffs take a bite, and predictive contracts raise questions around gambling regulation.