The U.S. trade deficit soared to a record $140.5 billion in March as consumers and businesses alike tried to get ahead of President Donald Trump's latest and most sweeping tariffs — with federal data showing an enormous stockpiling of pharmaceutical products.

President Donald Trump’s tariffs rollout is frustrating U.S. companies’ planning for the rest of the year, preventing some corporate giants from telling investors what to expect and scrambling the broader outlook for stocks.

Stock markets have bounced back since President Donald Trump imposed tariffs on array of goods and countries in early April. Markets fell sharply after Trump announced his widest set of tariffs yet on April 2.

Wall Street's main indexes fell on Monday after U.S. President Donald Trump rekindled worries about the fallout of a global trade war by introducing new tariffs, while focus remained on the Federal Reserve's monetary policy decision later this week.

Newsom’s proposal comes a day after Trump announced plans to impose a 100% tariff on films shot outside the U.S.

Gavin Newsom has proposed a $7.5 billion federal film incentive one day after Donald Trump revealed his plans for sweeping tariffs on foreign film.