Australia’s preliminary trade balance for November a significant drop; President Trump threatens to veto “disgraceful” COVID-19 relief bill.
The Australian Bureau of Statistics reported the preliminary trade balance for November at A$1,958 million, a drop from the previous month’s A$7,456 million. In monthly terms, exports surged by 1 percent after climbing by 5.4 percent in October. Similarly, imports gained 11 percent during the month, after the previous month’s 0.6 percent gain.
Private sector credit gained 1.7 percent in November (year-on-year), lower than October’s 1.8 percent. In monthly terms, it rose by 0.1 percent, after remaining steady the previous month.
The coronavirus crisis seems under control in Australia, though the new coronavirus strain was found recently in the country. So far, 28,237 COVID-19 cases have been reported in Australia, as well as 908 total deaths. Sydney decided to extend its COVID-19 restrictions on social gatherings after just eight cases were reported on Wednesday.
By 8:39 GMT, the Australian dollar gained 0.53 percent against the US dollar, hitting the 0.7560 level.
US President Donald Trump threatened to veto the recently approved $892 billion coronavirus relief bill, demanding larger stimulus checks for individual Americans who have been heavily affected by the spread of the COVID-19.
Trump is now demanding a rise in the stipends, from $600 to $2,000, commenting that the current bill is a “disgrace”.
“I’m also asking Congress to immediately get rid of the wasteful and unnecessary items from this legislation, and to send me a suitable bill, or else the next administration will have to deliver a COVID relief package. And maybe that administration will be me,” he said.
The United States continues to be the most affected country in the world, with 18,684,628 confirmed cases and 330,824 deaths. The vaccination campaign continues after the CDC warned that the new COVID-19 strain may be in the US already.