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President Trump Hails the “Amazing” 4.1% Q-2 Economic Growth Rate

President Hails the “Amazing” 4.1% Q-2 Economic Growth Rate

  • “the President’s policies are working,and not just on the top line, but in the details”

Friday from the White House, US President Donald hailed the “amazing” 4.1% Q-2 GDP rate, as the fastest pace since Y 2014, as proof that “we’ve accomplished an economic turnaround of historic proportion.”

“Once again, we are the economic envy of the entire world,” President Trump, flanked by Vice President Mike Pence and his economic team, said.

“America is being respected again and America is winning again because we are finally putting America First.

“Everywhere we look, we are seeing the effects of the American economic agenda,” Trump said. “We are in the midst of the longest positive job-growth streak in history.

“I will say this right now and I’ll say it strongly: As the trade deals come in 1 by 1, we’re going to go a lot higher than these numbers, and these are great numbers.”

The US Commerce Department reported that the nation’s economy surged in the April-June Quarter to an annual growth rate of 4.1%, driven by consumers who were spending their tax cuts and exporters who hurried to get their products delivered before retaliatory tariffs took effect.

The GDP, the nation’s total output of goods and services, posted its best showing since a 4.9% gainer in the Q-3 of Y 2014, the agency said.

The latest GDP figure was nearly 2X the 2.2% growth rate in Q-1, revised up from a previous estimate of 2% growth.

President Trump predicted growth would continue to accelerate under his economic policies, though private forecasters cautioned that the April-June pace is unsustainable because it stemmed from temporary factors.

“This isn’t a 1-time shot,” the President said. “I happen to think we are going to do extraordinarily well in our next report next quarter.

“We are on track to hit the highest annual average growth rate in over 13 years.”

The US Commerce Department said exports rose at a 9.3% rate in Q-2 while imports grew at a scant 0.5% rate.

President Trump called the lower trade deficit figure for the Quarter “very dear to my heart, because we’ve been ripped off by the world.

“It has dropped by more than $50-B — $52-B, to be exact.

“That’s a tremendous drop,” the president said. “We haven’t had a drop like that in a long time.”

In other Commerce Department data, business investment grew at a solid 7.3% rate in Q-2, while government spending posted a solid gain, rising at a 2.1% rate.

National Economic Council Director Larry Kudlow said that the data illustrates that “the President’s policies are working,and not just on the top line, but in the details.

“The president said that if we deregulate the economy and have tax reform, there will be a capital-spending boom because the factories will come back to America.

“If you look at the data, the factories are booming again.

“The President said that if we emphasize energy production here in the US, we could become a dominant energy economy even become an energy exporter.

“If you look at the data today, one of the reasons why the data are so strong is because drilling and mining activities skyrocketed in an almost unprecedented way.”

Turning to President Trump, Mr. Kudlow added: “You said you would bring the trade deficit down and you have.

“The $50-B reduction in the trade deficit proves that if you stand up for America’s workers and let our allies know that deals that are not reciprocal are not acceptable, you can make a lot of progress.

“Thank you for your leadership and your faith in me.”

America First and MAGA