Monday, 20 August, 2018

United States trade deficit widest for decade

A pair of container ships make their way Canada's Trade Deficit Widened In February On Higher Imports
Jean Garcia | 06 April, 2018, 06:59

The report also showed the merchandise-trade gap with China, the world's second-biggest economy, narrowed to US$34.7 billion in February from US$35.5 billion.

The gap increased 1.6 per cent in February to US$57.6 billion, compared with the median estimate of economists for US$56.8 billion, Commerce Department data showed on Thursday.

At 9:43 a.m. EDT (1343 GMT), the Canadian dollar was trading almost unchanged at $1.2772 to the greenback, or 78.30 USA cents.

Acceleration in the USA economic activity and a loonie lingering below 80 United States cents might help in rebounding Canada's trade picture.

The Canadian dollar was steady against its US counterpart on Thursday, holding near an earlier five-week high even as the greenback broadly climbed and data showed a widening of Canada's trade deficit. The deficit with Mexico surged 46.6 percent in February.

China swiftly retaliated on Wednesday with a list of similar duties on key American imports including soybeans, planes, cars, beef and chemicals. Exports to the US increased 1.9%.

Cosby judge delivers 2 big victories to defense
The camera shows the judge, prosecutors and defense lawyers, but not potential jurors who are being questioned as a group. One juror said the panel was split 10-2 in favor of conviction, while another said the group was more evenly divided.

Trump between a rock and a hard place over trade issues. "In 2019, the tax legislation and budget deal will boost the federal deficit by $480 billion, boosting the trade deficit by $161 billion".

The rising trade gap was also due to weigh heavily on growth at the start of the year because deficits subtract from calculations of GDP. When adjusted for inflation, the trade deficit slipped to $69.11 billion from $69.96 billion in January. Exports of aircraft and other transportation equipment rocketed by 19.6 percent.

Exports grew by 0.4 percent as shipments of motor vehicles and parts rebounded by 5.0 percent following atypical Canadian auto plant closures in January.

The figures suggest trade may reduce the pace of economic growth in the first quarter, after it was a substantial drag on the economy in the final three months of 2017.

Exports to China were unchanged in February.

Overall, imports advanced to US$262 billion, boosted by capital goods, industrial supplies and materials, and foods, feeds and beverages.

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