The U.S. budget deficit through the first three months of this budget year is up 11.8% from the same period a year ago, putting the country on track to record its first $1 trillion deficit in eight years.

Both government spending and revenues set records for the first three months of this budget year but spending rose at a faster clip than tax collections.

The Congressional Budget Office projects the deficit for the current 2020 budget year will hit $1 trillion and will remain over $1 trillion for the next decade.

The country has not experienced $1 trillion annual deficits since the period from 2009 through 2012 following the 2008 financial crisis.

U.S. drops designation of China as currency manipulator: The Trump administration is dropping its designation of China as a currency manipulator in advance of the signing Wednesday of a Phase 1 U.S.-China trade agreement. The preliminary pact that the two sides are set to sign includes a section intended to prevent China from manipulating its currency to gain trade advantages.

The action announced Monday comes five months after the Trump administration had branded China a currency manipulator — the first time that any country had been so named since 1994 during the Clinton administration.

Even while removing China from its currency black list, the Treasury Department does name China as one of 10 countries it says require placement on a watch list that will mean their currency practices will be closely monitored.

Trump to promote trade deals in speech to farmers: President Donald Trump will highlight his policies on trade and domestic energy in a speech to U.S. farmers, the White House announced Monday. Trump is scheduled to address the American Farm Bureau Federation’s convention Sunday in Austin, Texas.

In last year’s address, Trump urged farmers to continue supporting him even as they grappled with the fallout from his trade war with China and a partial shutdown of the federal government.

But by the time Trump speaks Sunday, he is expected to have signed the first phase of a trade deal with China. Under the deal, China will boost its U.S. goods imports by $200 billion over two years, including larger purchases of soybeans and other farm goods expected to reach $40 billion a year, the U.S. has said.

Tesla surges past $500 a share — Musk says cars will soon ‘talk’ to pedestrians: Tesla made history on Monday, with a little help from its shareholders, as the electric carmaker’s stock price topped $500 a share for the first time.

In midday trading, Tesla shares topped $519 as investors continued to throw more weight behind the company and its prospects for future growth and success. Tesla CEO Elon Musk did his part to stoke excitement for his company when he said that Teslas will soon be able to “talk” to pedestrians.

“Teslas will soon talk to people if you want,” Musk tweeted. “This is real.”

He included a video of two people driving a Tesla Model 3, with the car’s speaker playing the words, “Well don’t just stand there staring. Hop in.”

— From our wire service

Load comments