The Trump administration has already waved away its key economic target of 3 per cent growth this year saying the goal was now not achievable.

The back-tracking knocked some stuffing out of Wall Street, which saw the benchmark S&P 500 retreat from an intra-day record high in late trade.

Markets at 8:15 am (AEST): ASX 200 +0.33 pc to 5,845

ASX 200 +0.33 pc to 5,845 AUD: 73.45 US cents, 56.75 British pence, 83.70 Japanese yen, 67.51 eurocents, $NZ1.0639

AUD: 73.45 US cents, 56.75 British pence, 83.70 Japanese yen, 67.51 eurocents, $NZ1.0639 US: S&P 500 +0.10pc to 2,397, Dow Jones -0.17pc to 20,976, Nasdaq +0.29pc to 6,121

US: S&P 500 +0.10pc to 2,397, Dow Jones -0.17pc to 20,976, Nasdaq +0.29pc to 6,121 Europe: Euro Stoxx +0.2 to 391, FTSE +0.57pc to 7,342, DAX +0.43 pc to 12,749

Europe: Euro Stoxx +0.2 to 391, FTSE +0.57pc to 7,342, DAX +0.43 pc to 12,749 Commodities: Gold +0.07pc to $US1,221.77/ounce, Brent crude -0.71pc to $US48.99, Iron ore +1.00pc to $US60.75

The blunt message was delivered by US Commerce Secretary, Wilbur Ross, who said 3 per cent economic growth for the North American economy is "certainly not achievable this year" because "the Congress has been slow walking everything."

In an interview with the Reuters news agency, Mr Ross said achieving the target would need US President Donald Trump's tax, regulatory, trade and energy policies to be in place for several months.

"I think between the change in regulatory attitudes which will make it easier to make big projects, and the new taxes, which will make the rates of return much better, the reduced regulatory environment, I think over time you will see increases in capex — and that in turn has a big multiplier effect through the economy," Mr Ross said.

The billionaire investor also noted the greenback was not too strong but other currencies are too weak.

Mr Ross also said trade enforcement actions would be a major tool to cut US trade deficits.

He also told Reuters the US wants to fix World Trade Organisation rules because the WTO is too slow to punish countries who break the rules.

The US Commerce Secretary said his department was working on "self-initiated" anti-dumping and anti-subsidy cases on behalf of US industry.

In some unorthodox economic policy views, he said trade deficits were "not the disease" but a symptom of a lack of good manufacturing jobs.

However, he noted that even if the world trade system was fairer, the US could still experience some "blameless" trade deficits because of oil imports.

But Mr Ross admitted the Trump administration's plans to renegotiate the North American Free Trade Agreement (NAFTA) had hurt the Mexican peso and worsened the US trade deficit amid delays by Congress in starting negotiations.

Apple hits $US800b market value

Overall, global markets had a fairly quiet session.

A fall in the price of oil saw US stocks slip after new record highs for the S&P 500 and Nasdaq in early trade.

The Nasdaq's 0.3 per cent rise was driven by IT giant Apple, which became the first US company to reach the $US800 billion market value mark.

The rise in value comes just two years after it hit $US700 billion.

Apple's shares rose 98 US cents to $US153.99.

Apple's shares have increased by one third this year and by almost half since the US presidential election last November.

Rick Meckler, head of US fund manager LibertyView Capital Management, said the rise in value reflects Apple's domination of the market.

"It's just reflective of how powerful a franchise it is," Mr Meckler said.

"It may be the most powerful franchise in the country today."

European markets finished mainly higher.