in the vicinityVideoDow crashes to 800 points, fear of recession, swirl
Reaction and analysis of financial-analyst Dan Geltrude.
President Trump offered an optimistic view of the future of the economy Sunday and dismissed concerns about the threat of a recession after losses in the financial markets in the last week and its continuing trade war with China that some say will determine whether or not he wins in the year 2020.
“I don’t think we are in a recession,” Trump told reporters, when he again returned to Washington from his New Jersey golf club. “We do incredibly well. Our consumers are rich. I gave a huge tax cut, and they are loaded with money.”
Trump has repeatedly stressed, its economic performance. He continued his message to spread on Twitter on Sunday.
TRUMP ACCUSES CHINA OF “CURRENCY MANIPULATION’
“Our economy is the best in the world, by far. The lowest unemployment rate in almost all categories. Ready for the big growth, after trade agreements are concluded. The prices of import-to-bottom, in China, food prices. Help targeted farmers by the large Tariff of money. Great future for the USA!,” he posted.
Larry Kudlow, Trump’s top economic adviser, pointed said fears of a recession and predicted that the economy in the second half of 2019.
“We do damn good in my opinion. Let us not be afraid of optimism,” Kudlow said, adding that consumers are earning more and are able to save and spend more.
As a business analyst, before joining the trombone administration, Kudlow was known for opposing tariffs and the promotion of free trade. He said Trump has taught him, and the other, the “China story has changed and reformed.”
Democratic presidential candidate Beto O’rourke, said Trump’s trade war with China “hammering the hell out of the farmers in this country.”
Democrats vying to topple, Trump also criticized for his dealing with China.
TRUMP: CHINA DELAY THE DEAL, IN THE HOPE OF ‘DEMOCRAT’ BODIES’ WILL WIN IN THE YEAR 2020, ALLOW FOR THE ‘RIPOFF’ MORE
“It is obvious that there is no strategy for dealing with the trade war in a way that actually lead to results that said for the American farmer or the American consumer”, a presidential candidate and South Bend, Ind., Mayor Pete Buttigieg.
Trump has claimed that its tariffs will affect. He said China is willing to make a trade offer, but he is not..
“I’m just not willing to make a deal, yet,” Trump said. “China would like to make a deal. I’m not ready.”
Last month, the Federal Reserve reduced its benchmark interest rate — affects a lot of credit for households and businesses by a quarter-point to a range of 2 percent to 2.25 percent, the first rate cute since 2008 during the Great recession.
“The Chairman of the Federal Reserve, should look in the mirror and say,” I raised the prices too far, too fast, and I the cost this economy a full percentage point of growth’,” said Peter Navarro, who said Trump advises in relation to trade policy, on a number of Sunday talk shows.
He has demanded that the reduction of interest rates to stabilise the US markets.
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Trump have recognized the potential impact on the consumer, if he stopped a planned 10-percent tariff hike on Chinese goods such as mobile phones, video games, laptops, and a few toys.
“We do, (it) just for the holiday season, just in case, some of the tariffs could have an impact,” he said.
Navarro said there was no evidence that the consumers bear the brunt of the tariffs.
The Associated Press contributed to this report.