TheStreet’s J.D. Durkin brings you the biggest news of the day, including why Mexico overtook China as the United States’ #1 trade partner.
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00:00 I'm JD Durkin reporting from the floor of the New York Stock Exchange and here's a look
00:03 at what we are watching on the street today.
00:06 Investors are reacting to weekly jobless claims.
00:08 218,000 Americans filed for unemployment during the week ending in February 3rd, down from
00:15 227,000 the week before, underscoring the continued strength of the U.S. labor market.
00:21 Markets also reacting this morning to results from Disney.
00:23 The media and entertainment giant saw a boost after beating Wall Street expectations and
00:28 raising its guidance for 2024.
00:30 So far this earnings season has mostly been better than expected, boosting investor confidence
00:36 and the health of the U.S. economy.
00:38 In other news, for the first time since 2002, China is no longer the leading source of goods
00:43 imported by the United States.
00:46 As tensions continue to rise between the U.S. and China, Mexico has now taken the top spot.
00:51 According to the U.S. Commerce Department, more than $475 billion worth of goods were
00:56 imported from Mexico last year, a 5% increase from the year before.
01:01 Meanwhile, the value of Chinese imports shrank by 20% to $427 billion.
01:08 The economic relationship between the U.S. and China has soured over the last few years.
01:13 President Donald Trump imposed heavy tariffs on Chinese imports in 2018, claiming at the
01:18 time that Beijing violated various global trade regulations.
01:22 President Joe Biden kept those same tariffs in place when he took office in 2021.
01:26 Supply chain challenges during the COVID-19 pandemic also caused the United States to
01:30 look for trade partners closer to home.
01:33 In 2023, the U.S. trade deficit, which measures the difference between what is bought and
01:38 what is sold abroad, saw its biggest decrease since 2009 with a 19% drop.
01:44 The overall trade deficit now sits at $1.06 trillion.
01:49 That'll do it for your daily briefing from the floor of the New York Stock Exchange.
01:52 I'm JD Dirken with the Street.
01:54 Thanks for watching.
01:55 Have a great day.
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