020 7898 0500The US trade deficit narrowed more than expected in February as imports were up to a two-year high. This was good news for President Donald Trump as increasing trade with the world is one of his main objectives.
The dollar was also pushed up slightly as positive economic data confirmed the steady economic growth in the first quarter of the year.
Trump is due to meet the Chinese President this week in a meeting he has already described as potentially ‘difficult’ due to the huge US trade deficit with China and the undervalued Yuan. Trump vowed during his election campaign that he would label China a currency manipulator on his first day at the Oval Office. While the administration hasn’t dealt with this yet, only last week it was reviewing the scope of its powers to penalise countries whose currencies it perceives as undervalued.
