U.S. President Donald Trump's first shot across China's bow over its steel exports, escalating a years-long brawl over trade between the world's top two economies, may not pull up Beijing.
The U.S. current account deficit unexpectedly fell in the fourth quarter, hitting its lowest level in more than a year, as an increase in the primary income surplus offset a soybean-driven drop in exports.
Major U.S. corporations are going to war in Washington over a Republican 'border adjustment' tax proposal meant to boost exports over imports, with lawmakers in Congress coming under pressure from some of the nation's biggest employers.
Chief executive officers of 16 companies, including Boeing Co, Caterpillar Inc and General Electric Co, have urged the U.S. Congress to pass a comprehensive tax code rewrite, including a controversial border tax.
China's massive export engine sputtered for the second year in a row in 2016, with shipments falling in the face of persistently weak global demand and officials voicing fears of a trade war with the United States that is clouding the outlook for 2017.
U.S. import prices recorded their biggest drop in nine months in November on declining petroleum costs, with renewed dollar strength threatening to keep imported inflation subdued.
The U.S. trade deficit fell more than expected in July as exports rose to their highest level in 10 months, offering further evidence that economic growth picked up early in the third quarter.
