Trump brushes off concerns of recession, touts strong economy

President Trump offered an optimistic outlook of the economy Sunday and dismissed concerns of a looming recession after losses in financial markets last week and his ongoing trade war with China that some say will determine if he wins in 2020.

"I don't think we're having a recession," Trump told reporters as he returned to Washington from his New Jersey golf club. "We're doing tremendously well. Our consumers are rich. I gave a tremendous tax cut and they're loaded up with money."

Trump has consistently touted his economic record. He continued to spread his message over Twitter on Sunday.

"Our economy is the best in the world, by far. Lowest unemployment ever within almost all categories. Poised for big growth after trade deals are completed. Import prices down, China eating Tariffs. Helping targeted Farmers from big Tariff money coming in. Great future for USA!," he posted.

Larry Kudlow, Trump's top economic adviser, dismissed fears of a recession and predicted the economy will perform well in the second half of 2019.

"We're doing pretty darn well in my judgment. Let's not be afraid of optimism," Kudlow said, adding that consumers are earning more and are able to save and spend more.

As an economic analyst before joining the Trump administration, Kudlow was known for opposing tariffs and promoting free trade. He said Trump has taught him and others that the "China story has to be changed and reformed."


Read More...