U.S. container imports surged in April as companies raced to avoid President Donald Trump's tariffs, which now include a 145% duty on goods from China, but executives at the country's two busiest ports said the trend looked set to reverse in May.

The U.S. trade deficit in goods and services soared to a record $140.5 billion in March. Year-to-date, the deficit has increased 92.6%, as companies and consumers rush to import goods before President Donald Trump's sweeping global tariffs increase on July 6.

The trade deficit soared to a record $140.5 billion in March as businesses tried to stock up on import shipments ahead of President Donald Trump's tariffs, which are expected to spur higher prices for a wide range of consumer products.

Toyota Motor Corp. said US President Donald Trump’s tariffs will result in a ¥180 billion ($1.3 billion) hit to operating income in just two months, with the Japanese carmaker joining a growing list of companies grappling with the fallout of trade turmoil.

Toyota Motor expects profit to decline by a fifth in the current financial year, it said on Thursday, as weakness in the U.S. dollar and the impact of President Donald Trump's tariffs weigh on the world's largest automaker.

Toyota Motor forecast a 21% profit decline for the current financial year on Thursday, as the strain from US President Donald Trump’s tariffs and an appreciating yen take some of the shine off strong demand for hybrid vehicles.