White House plays down trade war fears, as deficit hits nine-year high – business live

All the day’s economic and financial news, as markets rally on hopes that trade dispute between US and China can be solvedKudlow: Don’t worry about China tariffsUS trade deficit widened in FebruaryEarlier:UK service sector growth hits 20-month lowUK car registrations drop againMarkets rallying, but volatility still looms 2.51pm BST Just in: Larry Kudlow, the president’s chief economic advisor, has played down the risks of a trade war.Speaking to reporters outside the White House, Kudlow argues that the spat with China could have a happy ending – if it forces Beijing to play fairly.To those fearing US-China trade war, new WH economic advisor Larry Kudlow reminds that no new tariffs enacted yet. Says they’re just proposals. “There’s nothing around the corner.” Says US tariffs posted for comment “for a couple of months.” pic.twitter.com/aiMRwYxONQIn exchange with reporters in WH driveway, Kudlow says US objective with China is economic growth: “If you tear down barriers and play by the rules, both sides should benefit.” Kudlow says Pres “the first guy in decades to show some backbone on the issue.” pic.twitter.com/YfGwJydavg 2.47pm BST Ding Ding! Shares are rising on the New York stock market, on hopes that a trade war between the US and China can be avoided.The Dow Jones industrial average has gained 165 points, or 0.7%, to 24428. That extends yesterday’s late rally.Rebound rally continues as Dow opens more than 120 points higherhttps://t.co/XdAHPeggr6 pic.twitter.com/6UzWienPR3 Continue reading…
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