Having plunged to a record high deficit in December, expectations were for a modest bounce in the US trade balance in January but in fact the deficit 'tumbled' from a revised $59.9 billion to $51.1 billion.

Expectations were for a reduction in the deficit to just $57.0 billion, so this is a considerable improvement.

Imports from China plunged, suggesting American companies had been rushing shipments the prior month to beat an expected tariff boost.

In fact, with the pre-tariffs surge seemingly over, the US trade deficit's decline of $8.8 billion is the biggest shrinkage since Feb 2009.

The data also showed the deficit in goods narrowed to $73.3 billion, while the surplus in services edged up to $22.1 billion.

Additionally, the last three months have seen the deficit with China shrink by an aggregate $8.6 billion - the most in 10 years...

President Trump will be pleased.