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WASHINGTON—The U.S. reported a sharp drop in April imports due to moderating domestic demand for foreign goods and materials as the World Bank warned that high prices and slowing growth will hit trade this year.
The trade gap in goods and services fell to 19.1% in April from the prior month to a seasonally adjusted $87.1 billion, the Commerce Department said Tuesday, retreating from a record $107.7 billion deficit the prior month.
