US trade gap shrinks in March as imports fall

The US trade deficit narrowed sharply in March as imports fell and the gap with China diminished, the Commerce Department reported Wednesday. "The US trade deficit contracted significantly in March, but the details show little cause for optimism," said Emily Mandel of Moody's Analytics. Imports fell 3.6 percent in March to $217.1 billion while exports fell a much smaller 0.9 percent, to $176.6 billion.