Pelosi also said it's "irrelevant" whether approving the USMCA trade deal would give President Donald Trump a victory ahead of the 2020 election.Politicsread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
General Motors stands to lose hundreds of millions of dollars in lost production as a United Auto Workers union strike against the automaker enters its second day, but Wall...Autosread more
Damage to the top OPEC producer's oil facilities ignited fears of supply disruption around the world and has sent crude prices soaring.Energyread more
The second-largest investor in Kraft Heinz Company discloses that it has again trimmed its stake in the food company.Marketsread more
"That leads the developed world to say to China: 'We've got to rebalance this. It's working for you. It's not working for us,'" says the billionaire Blackstone co-founder.Economyread more
Microsoft founder Bill Gates takes an aggressive approach to investing, despite being the second richest person in the world.Wealthread more
According to a new report, consumers ages 14 to 24 overwhelmingly prefer physical stores for shopping, largely for mental health reasons.Retailread more
These are the stocks posting the largest moves in midday trading.Market Insiderread more
Viacom chief executive officer Bob Bakish is not worried about competition in the streaming space, on the heels of its merger with CBS.The Faber Reportread more
Consumers could pay an average 15 to 20 cents more per gallon for unleaded gas by the end of the month following the attack on Saudi oil installations.Market Insiderread more
The U.S trade deficit with its global partners fell in November for the first time after five straight months of increases as the shortfall with China and several other countries declined.
Tightening the balance between imports and exports has been a major goal of the Trump administration, which last year started levying tariffs in an effort to close the gap.
A release from the government Wednesday showed the gap had closed in November, the most recent month for which data was available, to $49.3 billion from $55.7 billion in October, representing an 11.5 percent decline. Economists surveyed by Dow Jones had been looking for a deficit of $54.3 billion.
The decline was largely due to a slide in imports, which fell 2.9 percent to $259.2 billion. Exports edged lower to $209.9 billion, a 0.6 percent drop.
In all, the year-to-date goods and services deficit increased by $51.9 billion, a 10.4 percent rise from the same period in 2017. Exports rose $157.1 billion or 7.3 percent, while imports gained $208.9 billion or 7.9 percent.
On a broader level, the drop in the trade deficit will serve as a boost to fourth-quarter GDP, which is expected to show a 2.5 percent increase, according to CNBC's Rapid Update tracker as well as the Atlanta Fed's GDPNow measure.
How the trade tensions play out over a longer period, though, is unknown as the U.S-China talks continue ahead of a March 2 deadline for imposition of another round of tariffs.
"America's trade fight with the world has finally started to slow global trade and only time will tell whether this is a good thing for the economy in the long run," Chris Rupkey, chief financial economist at MUFG, said in anote.
Among individual countries, the gap with China closed $2.8 billion to $35.4 billion.
Treasury Secretary Steven Mnuchin told CNBC in an interview Wednesday that trade talks have been "very productive."