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*False.Two points from the trade deficit data that came out at 8:30.
First, imports declined sequentially across all categories with the exception of consumer goods.
Second, as Bloomberg notes, US exports to China just hit an all-time record high. Same too with exports to Mexico.
So the three myths that we can put in the coffin are:
- The consumer is dead.
- The US doesn’t make anything.
- The Chinese consumer doesn’t buy anything.
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