It's the first ever monthly trade deficit to surpass $100 billionThe U.S. trade deficit hit a record $109.8 billion in March as import purchases spiked, the Commerce Department announced Wednesday. March was the first time in U.S. history that a monthly deficit surpassed $100 billion. The trade deficit refers to the gap between how much America purchases from other countries versus what it sells abroad. March also saw a record-setting increase in imports as companies seek to restore stockpiles following recent supply chain chaos.