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FEATURED INDUSTRY NEWSIn The News: Boating Decarbonization Research, TechnologiesNew global industry research outlining the multiple propulsion technology pathways propelling the boating industry toward decarbonization has the focus of recent national consumer and boating media coverage during the winter boat show season. Read More LEADING ECONOMIC AND POLICY NEWSUS Imported More From Mexico Than China Last YearThe New York Times reports that “new data released on Wednesday showed that Mexico outpaced China to become America’s top source of official imports for the first time in 20 years – a significant shift that highlights how increased tensions between Washington and Beijing are altering trade flows.” The Times adds, “The United States’ trade deficit with China narrowed significantly last year, with goods imports from the country dropping 20 percent to $427.2 billion, the data shows. American consumers and businesses turned to Mexico, Europe, South Korea, India, Canada and Vietnam for auto parts, shoes, toys and raw materials.” Politico says former President Donald Trump “declared in 2018 that his newly renegotiated trade deal with Canada and Mexico would be the most ‘balanced trade agreement in the history of our country.’” But Politico adds that the US trade deficits with Canada and Mexico “continue to soar.” The Commerce Department “released new trade figures Wednesday showing the combined U.S. goods trade deficit with Canada and Mexico hit $220 billion in 2023, up from $85 billion in 2017 – the year Trump took office and forced the two countries into a renegotiation of the decades-old North American Free Trade Agreement.” Federal Reserve Bank Of Minneapolis President: Rate Cuts May Begin After “A Few More Months” Of “Around” 2% InflationBloomberg reports that Federal Reserve Bank of Minneapolis President Neel Kashkari “said officials would like to see ‘a few more months’ of inflation data before cutting interest rates, adding that he thinks two to three cuts will likely be appropriate for 2024. ‘We’re not looking for better inflation data, we’re just looking for additional inflation data that is also at around this 2% level,’ Kashkari said Wednesday on CNBC.” S&P 500 Sets Another Record, Nears 5000CNBC reports that the S&P 500 “rose Wednesday and edged closer to the 5,000 level, notching a closing high as investors parsed through another slate of quarterly results that signaled a flourishing economy.” The S&P 500, “which first breached the 4,000 level in April 2021, added 0.82% to finish at 4,995.06. At session highs, the S&P hit 4,999.89.” The Nasdaq Composite” jumped 0.95% to settle at 15,756.64, while the Dow Jones Industrial Average rallied 156 points, or 0.4%, to close at 38,677.36 and an all-time high.” Previous Top Stories | |||||||||||
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