SoylentNews is people
SoylentNews
"White House economic advisers are spreading the word that second-quarter GDP, out Friday, may surpass 4% - the first time growth has hit or exceeded that number since the third quarter of 2014, FOX Business has learned.
Ahead of the data, Trump administration officials are preparing a major victory lap and plan to use the strong data points as proof that the president’s economic policies of lower taxes and deregulation have reversed years of economic malaise that followed the financial crisis and President Barack Obama’s fiscal agenda, according to people close to the White House."
[...] If GDP does surpass 4% on a quarterly basis it will be the first time it has done so since the third quarter of 2014, when it registered 5.2% during Obama’s second term in office. Even so, economic advisers in the Trump administration, such as Larry Kudlow, have blamed Obama’s policies of higher taxes and enhanced regulations for the relatively feeble economic growth during his eight years in office, where GDP never grew above 3% on a yearly basis.
[...] Still, as the White House prepares to tout GDP as evidence of the administration’s economic prowess and progress, some business leaders and economists have expressed doubts that certain fiscal policies, as they relate to trade, may be problematic and soon endanger growth.
Trump has engaged in a trade war with many trading partners, slapping tariffs on foreign goods and materials, and threatening to walk away from the North American Free Trade Agreement [NAFTA], a trade deal the country has with Mexico and Canada.
[...] Many countries have responded with tariffs of their own on U.S. products sold abroad, and there’s growing anecdotal evidence that American manufacturers are being hurt by the tariff war. It’s unclear if the retaliatory tariffs and their negative impact on the sale of U.S. goods abroad will show up in the second-quarter GDP numbers, but most economists believe such policies will ultimately hurt economic growth.
“Without question, tariffs will hit growth in the coming quarters as companies face higher prices and supply bottlenecks, and investment and consumption fall relative to where they would otherwise be,” Benn Steil, senior fellow and director of international economics at the Council on Foreign Relations, tells FOX Business. “The only question is by how much, which depends on how far tariff madness spreads,” he warns.
“I would remind folks that the president's team has already said, ‘There will be no retaliation.’ They've already been wrong,” [CEO of JPMorgan Chase, Jamie] Dimon told CNNMoney. “If I was the president, I'd be a little ticked off at some of my advisers, to tell you the truth.”
foxbusiness.com/economy/us-economic-growth-nears-5-time-to-celebrate
(Score: 4, Informative) by realDonaldTrump on Friday July 27 2018, @03:12PM (9 children)
Perhaps one of the biggest wins of the report, and it is indeed a big one, is that the trade deficit -- very dear to my heart, because we've been ripped off by the world -- has dropped by more than $50 billion. $52 billion to be exact. Think of that, the trade deficit has dropped by more than $50 billion. And that's added, and adding, 1 point to GDP. That's a tremendous drop, we haven't had a drop like that in a long time. You have to go back a LONG TIME to find it!!!
(Score: 5, Touché) by Snow on Friday July 27 2018, @05:32PM (6 children)
It would have been a little higher if *SOMEONE* didn't order a bunch of campaign merchandise from China.
(Score: 2, Offtopic) by realDonaldTrump on Friday July 27 2018, @05:57PM (5 children)
Trust me, everything my campaign sells -- including me -- is 100% Made in USA. If you got one that says Made in China or Made in Kenya you got a Fake. Shop now!!! shop.donaldjtrump.com [donaldjtrump.com]
(Score: 4, Insightful) by DeathMonkey on Friday July 27 2018, @06:05PM (4 children)
Trust me, everything my campaign sells -- including me -- is 100% Made in USA.
Yes, believe his words and not this video of his flags being made in a Chinese factory:
Chinese factory rushing to make Trump's 2020 banners in fear of tariffs [usatoday.com]
"Just remember: what you’re seeing and what you're reading is not what’s happening." - Donald Trump 1:47 PM - Jul 24, 2018
(Score: 2, Touché) by Sulla on Friday July 27 2018, @06:14PM
During the 2016 campaign you could buy either the Trump website MAGA hats made in texas or for half the price you could import ones from Chinese factories on ebay. The chinese don't exactly care about intellectual property and will make whatever they can get away with selling.
Ceterum censeo Sinae esse delendam
(Score: 2, Offtopic) by realDonaldTrump on Friday July 27 2018, @06:48PM (1 child)
The banners -- and they're beautiful banners, by the way -- that's something I don't know about. And the guy running the factory -- you look at your story there in the USA Today -- he says, "it unclear whether they are affiliated with Trump's campaign or the Republican party." Means he doesn't know either. Who knows? Maybe nobody knows about that one. We live in the age of computer, nobody knows what's going on anymore. You want I should sue? You know, that's a tremendous idea. I always sue and I always, always win!!!
(Score: 2) by realDonaldTrump on Sunday July 29 2018, @09:45PM
The factory manager is a lady. Sorry Yao!!!
(Score: 1, Informative) by Anonymous Coward on Saturday July 28 2018, @04:51PM
Did the Trump 2020 Campaign Order Flags and Banners Made in China? [snopes.com]
(Score: 3, Informative) by Anonymous Coward on Friday July 27 2018, @05:38PM
Today's history lesson:
https://en.wikipedia.org/wiki/Smoot%E2%80%93Hawley_Tariff_Act [wikipedia.org]
(Score: 2) by c0lo on Saturday July 28 2018, @02:33AM
Good, that's a measure of how much money you rip from the pockets of the Americans into the federal budget - the importers pay the tax then hike up the price to stay in business.
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford