US trade issues did not feature prominently in the address

The Wall Street Journal notes on the president's SOTU speech:

  • Mr. Trump devoted just 78 words of his 5,200-word address to the subject he hit hard during the 2016 campaign

And asks:

  • Why such short shrift to trade?

And proposes a few possible reasons:

  1. The overall tone Mr. Trump chose for his address was an upbeat one ... A nod to the "American carnage" he invoked during his inaugural speech a year ago would seem discordant.
  2. Mr. Trump's economic team has also been divided over just how hard a line to take
  3. Mr. Trump has also apparently chosen to make his infrastructure package a higher priority this year

And also, does the de-emphasis on trade in the Trump speech signal a softening of trade policy?

  • Perhaps. But not necessarily. ... his aides are still working on a big trade case against China ... Mr. Trump seemed to be alluding to that pending action when he said "we will protect American workers and American intellectual property.

Link to the Journal here, may be gated

Meanwhile, updates ... CAD having a bit of a bounce:

As is the AUD ... and NZD/USD is cracking to a fresh session high

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