The U.S. international trade deficit narrowed 6.1% in February to $122.7 billion, the Commerce Department said Thursday. Imports of goods and services were about unchanged at $401.1 billion after surging since November, when imports totaled $351.8 billion. Economists attribute the jump to businesses seeking to get ahead of higher tariffs.

To calculate its ‘reciprocal tariffs’, the Trump administration has opted for a crude formula with no basis in trade theory. We are all going to pay the price.

The US merchandise-trade deficit narrowed in February for the first time in four months on stronger exports, though high imports still pointed to companies trying to get ahead of tariffs.