US Trade Deficit Unexpectedly Narrows To $46.2 Billion In April

US Trade Deficit Unexpectedly Narrows To $46.2 Billion In April

US Trade Deficit Unexpectedly Narrows To $46.2 Billion In April

Canadian government bond prices were lower across the yield curve in sympathy with U.S. Treasuries and German Bunds. As a result, the trade surplus with the United States grew to C$3.63 billion in April from C$2.03 billion in March.

Year-to-date, the goods and services deficit increased $20.8 billion, or 11.5%, from the same period in 2017. Estimates range from $52-$47 billion.

Canada's exports hit an all-time high in April, helping to push the country's overall trade deficit down for the month, Statistics Canada reported Wednesday.

At the same time, final Q1 nonfarm USA productivity data will be released. Mexico has retaliated with measures targeting a wide range of USA farm and industrial products. Exports of goods and services rose 0.3% to Dollars 211.2 billion, the highest on record.

Despite the April dip, the trade deficit is still on track to reach a 10-year high in 2018.

China's trade performance has got off to a strong start this year, supported by sustained demand at home and overseas.

The drop in the total trade gap suggested trade could be less of a drag than expected on GDP growth in the second quarter.

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Last week tariffs on aluminum and steel were extended by the president to imports from Mexico, Canada and the European Union.

Americans imported fewer mobile telephones and consumer goods as well as passenger cars.

While the drop in consumer goods imports helped to curb the import bill, it could be signaling a slowdown in domestic demand.

The Department of Commerce said that the trade game had narrowed by 2.1% ending at $46.2 billion, which is the smallest since last September.

"The trade deficit has worsened considerably since President Trump took office", said Lori Wallach, director of Public Citizen's Global Trade Watch and a critic of US trade policy.

Trump in March announced tariffs on steel and aluminum imports to protect domestic industries from what he says is unfair competition from foreign producers. The Commerce Department said that ZTE must also put $400 million in escrow - a sum it would forfeit if it violated the agreement. Trump's multi-front trade confrontation was due to spill over into this week's Group of Seven summit in Quebec, Canada.

Information for this article was contributed by Paul Wiseman, Catherine Lucey, Zeke Miller, Lisa Mascaro and Kevin Freking of The Associated Press, and by Shobhana Chandra of Bloomberg News.

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