- The U.S. trade deficit dropped more than expected in January likely as China b...
WASHINGTON, - - The U.S. trade deficit dropped more than expected in January likely as China boosted purchases of soybeans, leading to a rebound in exports after three straight monthly declines.
Data for December was revised slightly down to show the trade gap widening to $59.9 billion instead of the previously reported $59.8 billion. Economists polled by Reuters had forecast the trade gap narrowing to $57.0 billion in January. Trump has delayed tariffs on $200 billion worth of Chinese imports as negotiations to resolve the eight-month trade war continue, with Beijing pledging to resume bulk purchases of soybeans after cancellations at the height of the trade fight.
But that estimate is likely to be lowered when the government publishes a revision on Thursday as some economic data for December was weaker than had been previously assumed. Export growth, however, continues to be constrained by slowing global demand and the dollar’s strength last year, which is making U.S.-made goods less competitive on foreign markets. Despite the rise in soybean shipments, exports to China were the smallest since September 2010.
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