U.S. trade deficit shrank 55% in April

(CNN)– The U.S. trade deficit took a sharp drop in April.

On Thursday, June 5, the Commerce Department reported a 55% decline in the U.S. trade deficit which calculates the difference between how much is spent on imports versus how much is made on exports.

The report says the deficit fell to $61.6 billion. That’s compared with $138 billion in March.

Trade experts say the drop was the result of a slow-down in retailer buying, after businesses rushed to stock up ahead of President Trump’s tariffs.