Asian markets rise as reports boost hopes for trade deal

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Trump's economic team has told him an agreement will unleash a market rally, the people said.

"Macroeconomics end up ruling". Economists disagree about whether or not such a deficit is good or bad, since more importing could be an indicator of a healthy economy and consumers with more disposable income.

But "early details indicate it would do little to substantively change the way China has long done business and would not force Beijing to curtail cybertheft or the subsidies that the administration complains create an uneven playing field for American companies".

The immediate drivers of the surge in the trade deficit under Trump have been the fiscal expansion resulting from the tax cuts he pushed through Congress and the stronger dollar that resulted, partly from the juiced economy that expansion helped create.

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The previous trade deficit recrod, of $838.3 billion, was in 2006, under President George W. Bush, as the housing bubble peaked.

Trump's supporters insist he's tackling that via his trade negotiations with China and other USA trading partners.

The Fed said slowing global growth and the government shutdown weighed on the U.S. economy at the start of the year but that it continued to grow. "This is very important for our great farmers - and me!"

The President has successfully negotiated new agreements with South Korea, North American neighbours Canada and Mexico, and appears close to a deal with China.

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It had been set to take effect Mar 1, but now the rate will remain at 10%, according to a statement from the US Trade Representative's office. "When things are booming we consume more imports".

If talking doesn't yield progress, Lighthizer said the U.S. will respond with "proportional" and "unilateral" action, likely referring to tariffs. "After accounting for higher tariff revenue and gains to domestic producers from higher prices, the aggregate welfare loss is $6.4 billion (0.03% of GDP)". Data from December 2018 was released Wednesday.

Weinstein's study, co-written withMary Amiti of the Federal Reserve Bank of NY, and Princeton University's Stephen Redding, reviewed what actually occurred a year ago after USA tariffs took effect and concluded that Americans paid the entire tariff bill. If the tariffs continue, about US$165 billion worth of trade would be redirected each year, they added.

"Workers in very Republican counties bore the brunt of the costs of the trade war, in part because retaliations disproportionately targeted agricultural sectors, and in part because US tariffs raised the costs of inputs used by these counties", the authors wrote. "It's pretty unclear that this trade war is a net win for the economy at this point".

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The strength of the USA dollar has also not been helpful to the administration's aims, as it makes imports relatively cheaper while increasing the price of US products to the rest of the world. We had to dust them off.

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