The US trade deficit shrank very modestly in April (up from a revised -$51.9bn to -$50.8bn), practically in line with expectations.

Under the hood, exports of goods and services decreased $4.6 billion, or 2.2 percent, in April to $206.8 billion.

Exports of goods decreased $4.4 billion

Exports of services decreased $0.2 billion.

The decrease in exports of goods mostly reflected decreases in capital goods ($2.7 billion), in automotive vehicles, parts, and engines ($0.8 billion), and in consumer goods ($0.6 billion).

The decrease in exports of services mostly reflected decreases in travel (for all purposes including education) ($0.1 billion) and in maintenance and repair services ($0.1 billion).

Imports of goods and services decreased $5.7 billion, or 2.2 percent, in April to $257.6 billion.

Imports of goods decreased $5.4 billion

Imports of services decreased $0.3 billion.

The decrease in imports of goods mostly reflected decreases in capital goods ($1.7 billion), in consumer goods ($1.1 billion), in automotive vehicles, parts, and engines ($1.0 billion), in other goods ($0.8 billion), and in industrial supplies and materials ($0.6 billion).

The decrease in imports of services mostly reflected a decrease in transport ($0.3 billion).

Disappointingly for Trump, the deficit with China increased in April.

As US exports to China plunge back near 9 year lows.

However, the deficit with the European Union decreased $1.0 billion to $15.1 billion in April, and the deficit with Canada decreased $0.9 billion to $1.8 billion in April.