Washington: The US trade balance posted a monthly deficit of $161.99 billion in March, reaching an all-time high, according to data released Tuesday. The deficit increased by 9.6% from February's figure of $147.8 billion, surpassing the forecast of $142.8 billion.

According to Anadolu Agency, US exports climbed 1.2% in March on a monthly basis to $180.76 billion, while imports rose 5% to $342.75 billion. In March, wholesale inventories grew 0.5% to $908 billion, while retail inventories fell 0.1% to $805.8 billion.

US President Donald Trump's April 2 announcement of new higher tariffs set off fears of a global trade war. Although he later gave all countries, except China, a 90-day pause on the tariffs, uncertainty still looms over the global economy. Trump has often spoken about using tariffs to bring down the US trade deficit with other countries.