In April 2025, the Eurozone reported a seasonally adjusted trade balance of 27.9 billion euros, up from the revised 22.7 billion euros in the previous month, with the non-seasonally adjusted figure at 36.8 billion euros. Italy's international trade balance stood at 3.657 billion euros, while its trade balance within the EU was negative 2.453 billion euros, widening from the prior deficit of 0.361 billion euros. In the United States, import prices rose by 0.1% month-over-month in April, surpassing expectations of a 0.4% decline, driven primarily by a 0.4% increase in non-petroleum import prices. Export prices also increased by 0.1% month-over-month, contrary to forecasts of a 0.4% decrease. The rise in import prices reflects the end of a two-year deflationary trend and is attributed in part to higher tariffs, which are exerting upward pressure on inflation. Non-fuel import prices increased by 0.4% month-over-month and 1.3% year-over-year, while fuel import prices declined by 2.6%. Prices for capital goods, consumer goods excluding autos, and autos all saw price increases. Despite these increases, some price pressures were offset by declines in international airfares. Overall, the data indicate tariff-related price pressures are contributing to inflationary trends in the U.S. economy. Additionally, the U.S. reported net capital inflows of $254.3 billion, down from $284.7 billion previously.