CHILE: USDCLP Extends Gains, Near One-Month High

The United States Trade Representative has published US President Donald Trump's '2025 Trade Policy Agenda'. Link

• USTR said in a statement that the five-page agenda, "lays out the Administration’s vision for trade, describing the economic and national security challenges facing the United States and articulates a plan for rebalancing trade to address those challenges, including the work required by the President's America First Trade Policy Presidential Memorandum."
• The agenda notes: "Right away, the Presidential Memorandum strikes at the threat posed by the trade deficit by directing USTR and other agencies to “investigate the causes of our country’s large and persistent annual trade deficits in goods, as well as the economic and national security implications and risks resulting from such deficits.” By reversing the flow of American wealth to foreign countries in the form of the trade deficit, the United States can reclaim its technological, economic, and military edge."
• The agenda states: "Going forward, the United States will take action to create the leverage needed to rebalance our trading relations and to re-shore production, including, but not limited to, through the use of tariffs. This will raise wages and promote a strong national defense."
• The document notes the 2026 renegotiation of the USMCA trade agreement and says that the US will respond to "unfair practices," in the US-China bilateral trade relationship, which it describes as the "single biggest source of our country’s large and persistent trade deficit." 

• The Atlanta Fed's GDPNow Q1 forecast was been slashed again, now showing at -2.8% vs -1.5% on Friday and down from +2.3% on Feb 19.
• After today's ISM survey and construction spending, personal consumption growth was revised down from 1.3% to 0.0% and private fixed invt growth from 3.5% to 0.1%.
• It adds to Friday’s substantial downward revision on the back of a huge, presumably temporary, trade drag after imports surged in January data.
• The economy has until this point proved surprisingly resilient, with real GDP growth of 2.5% Y/Y as of 4Q24 and 3.2% Y/Y as of 4Q23.

• US TSY 13W BILL AUCTION: HIGH 4.210%(ALLOT 1.95%)
• US TSY 13W BILL AUCTION: DEALERS TAKE 38.80% OF COMPETITIVES
• US TSY 13W BILL AUCTION: DIRECTS TAKE 8.78% OF COMPETITIVES
• US TSY 13W BILL AUCTION: INDIRECTS TAKE 52.42% OF COMPETITIVES
• US TSY 13W BILL AUCTION: BID/CVR 2.77