The U.S. trade deficit fell to an eight-month low in February as imports from Ch...
WASHINGTON - The U.S. trade deficit fell to an eight-month low in February as imports from China plunged, temporarily providing a boost to President Donald Trump’s “America First” agenda and economic growth in the first quarter.
Economists warned the trade deficit would remain elevated regardless of whether the United States and China struck a trade deal that was to the White House’s liking because of Americans’ insatiable appetite for cheaper imports. The trade deficit tumbled 3.4 percent to $49.4 billion in February, the lowest level since June 2018. Economists polled by Reuters had forecast the trade shortfall widening to $53.5 billion in February.
Trump has delayed tariffs on $200 billion worth of Chinese imports. The White House argues that substantially reducing the trade deficit would lift annual economic growth by at least 3 percent on a sustainable basis, a feat that economists have said is impossible because of low productivity and population growth.The dollar was little changed against a basket of currencies, while U.S. Treasury debt prices rose marginally. Stocks on Wall Street fell.
“It sounds like pencils are being sharpened in order to revise up first-quarter GDP forecasts,” said Jennifer Lee, a senior economist at BMO Capital Markets in Toronto. In February, imports rose 0.2 percent to $259.1 billion. Consumer goods imports increased by $1.6 billion in February, led by a $2.1 billion rise in imports of cellphones and other household goods.
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