The strong figures come just months before the country is due to hold a general election.
US Trade Representative Katherine Tai says steep drop in trade with China "isn't necessarily negative".
News of the possible move comes as a leading think tank says the case for cutting taxes is "weak".
Ministers fear that the relatively cheap cost of vaping makes it more accessible for young people.
Chancellor Jeremy Hunt will set out the government's tax and spending plans in the spring Budget.
Houthi attacks are increasing costs and causing delays, the British Chambers of Commerce says.
Bank of England governor Andrew Bailey tells MPs the UK's economic downturn is "very small".
Its gross domestic product contracted by far more than expected in the wake of the conflict with Gaza.
Two Treasury ministers, Laura Trott and Bim Afolami, have been criticised over recent claims on tax cuts.
Retail figures reveal a 3.4% sharp rise at the beginning of 2024 following December's record fall.
People spending less helped drive the UK economy to shrink by more than expected at the end of last year.
Jeremy Hunt is looking at cutting billions in public spending to fund tax cuts in his Spring Budget.