Trump touts economy: 'These numbers are very, very sustainable'
29 July, 2018, 02:56 | Author: Martin Tyler
But we already know that growth in the first quarter was only 2 percent, so there's little chance that all of 2018 will come in at 4 percent. There was also a front-loading of exports of other goods in the second quarter. And he has been trying to highlight economic gains ahead of the midterm elections.
In July, the USA and China imposed tariffs on $34bn of the other country's goods.
He pointed to new tax cuts, de-regulation, increased government spending and the continuing trade negotiations.
"We're on track to hit the highest annual average growth rate in over 13 years", Trumpsaid in remarks at the White House.
President Trump got the big number he was looking for this week, when the government announced the economy grew by 4.1% in the second quarter. But housing, which has struggled this year, shrank at a 1.1 percent annual rate after an even sharper 3.4 percent annual decline in the first quarter. Trump has said he sees annual growth of 3 per cent or more as sustainable. "This is no one-shot deal", said Kudlow. And the president expects the strong growth to continue in the third quarter (July-September).
Unlike in 2015, growth has accelerated this year, in part, because of the stimulus from Mr Trump's deficit-funded tax cuts.
With the trade-related boost expected to unwind in the second half of 2018, economists caution against putting much weight on the April-June quarter growth.
Friday's number nearly guarantees the Federal Reserve will raise interest rates two more times this year - to get to the total of four that had been expected in 2018.
There were some signs of softness, however.
"The spring quarter could be the high water mark for growth", said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. And that gave the overall export numbers a big lift.
In any case, I am skeptical that the trade deficit will shrink markedly in the near term, as the USA economy is stronger than that of most of our trading partners and in an economy suffering from a shortage of skilled labor, importing more to satisfy robust consumer and business demand can be a vital release valve. While that was the strongest performance since the third quarter of 2014, it was not the best since the recession ended in mid-2009. But today's economic data is certainly good, and the president can take some of the credit.
Trump also seemed to back down on his trade threats this week, after a meeting with European Commission President Jean-Claude Juncker.
Mr Trump, who has repeatedly attacked the economic record of his predecessor's administration, pledged during the 2016 campaign to double growth to four percent or better.
There are worries that America's numerous trade spats are now hitting economic growth. A measure of domestic demand surged at a 4.3 percent rate in the second quarter. "For that, we have to look at not just how "the economy" is doing, but how all the people in the economy are doing".
Most encouragingly of all, businesses have spent much more on "intellectual property", a category that encompasses a number of line items (e.g. computer software) that should correlate with innovation.
Farmers prefer Trump do trade deals than hand them cash To date, every time that the Trump administration has imposed a tariff on China, China has imposed an equal tariff on USA goods. Many Wisconsin politicians are echoing that sentiment, saying payback for trade tariffs is not the way to go.
Anchor: North Korea appears to have begun dismantling facilities at its missile engine test site in North Pyongan Province. US officials later confirmed that the site that the USA president was referring to was Sohae.
After their little world tour, Priyanka and Nick were photographed cycling on the streets of New York City. Priyanka Chopra and Nick Jonas were spotted walking hand-in-hand at Mumbai airport on June 29, 2018.
She said the climbing temperatures are due to warm air coming up from France combined with high pressure across the country. The UK has seen the driest half of summer on record, with just 47mm (1.85 inches) of rain between June 1 and July 16.
The report was requested by Sabraw ahead of the Trump administration's 30-day deadline Thursday to reunite separated families. District Judge Dana Sabraw has indicated some leeway given the enormity of the job.
The suspension does not stop other page administrators from posting to his personal page or the page of Infowars . While that video didn't prompt Facebook to action, apparently bringing up the controversy did.
Therefore I approved their passage through Israel to additional countries as an important humanitarian gesture". Another documentary , "Last Men in Aleppo", was nominated the following year for best documentary feature.
Late previous year , Disney revealed its multi-billion dollar plans to buy the majority of Fox's assets, films, and TV shows. Last week, Comcast dropped its pursuit of Fox's film and television studios, cable networks and global TV businesses.
His track record ensures that Froome remains number one at Team Sky but it is Thomas who is inexorably heading towards victory. Dutchman Dumoulin leapfrogged defending champion Froome into second, after a decisive attack 2 kilometres from the finish.
We therefore took steps with the aim of affording that protection to as numerous volunteers and their families as possible. United States officials said the volunteers at the border were likely to be targeted by the government advance.
The women who participated in the study, which started in 2015, have been notified about the incident, the Amsterdam UMC stated. A second trial with the same drug in Canada has also been paused, though there is no indication anyone there has been harmed.
In contrast to Facebook , Amazon on Thursday in the U.S. reported a record profit and forecast plowing past analyst estimates. Shares in other technology companies were dragged down by the social media giant, as the technology sector fell 1.9%.
In Iran, threats and taunts toward the United States are common and part of many events sanctioned by the Iranian government. Secretary of State Mike Pompeo had earlier accused senior Iranian leaders of resembling a "mafia more than a government".
Priyanka Chopra and Nick Jonas to get married in October?
Chopra, who is great friends with Markle, attended the royal wedding on May 19, around the time she and Jonas started dating. Sensing Priyanka's iffy attitude, Salman initiated talks with Katrina during their Dabangg Reloaded Tour in the US.
Demare silences detractors with victory on stage 18
A member of the Gendarme caused the two men to stop abruptly and crash before he then pulled Chris Froome off his bicycle. Sky sporting director Nicolas Portal, a former rider with the team, appealed to fans to use common sense.
Mars close approach: Get a look at the red planet
The next close approach, meanwhile, in 2020, will be 38.6 million miles (62 million kilometers), according to NASA . Hubble, one of the largest space telescopes, captured images of dust storms on the Red Planet this summer.
Greek fires: Blaze that killed 83 'caused by arson'
A number of bodies were found in cars and close to the sea, however, suggesting that many residents did attempt to flee. Authorities said they would use an unmanned drone from the United States to monitor and track any suspicious activity.
Aaron Ramsey reveals Unai Emery's pre-season changes
For me, he's a very good person, a very good professional and he has a lot of experience in the football world. He is growing up in the academy, and we need to give young players the opportunity to play matches like today.
Deschamps, Zidane on FIFA Coach of the Year shortlist
A fine season with Liverpool ended with heartbreak after the team lost the Champions League final to Real Madrid. Four women and six men are on a 10-candidate list to win the FIFA award as the best coach in women's football.
China won’t devalue yuan to boost exports
The BOJ, in turn, offered to buy an unlimited amount of five- to- 10-year Japanese government bonds on Monday. The fixing was 298 pips or 0.44 percent weaker than Monday's midpoint of 6.7593.