Trump Says 8 Or 9 Percent Economic Growth Is Possible By Cutting Trade Deficit
- 6 years ago
President Trump on Friday suggested that the US economy could grow at 8 or 9 percent if the trade deficit is reduced substantially.
President Trump on Friday touted the strong economic growth at a press event after the Commerce Department reported that gross domestic product grew at a 4.1 percent rate in the second quarter.
Furthermore, during a surprise appearance on The Sean Hannity Show later in the day, Trump suggested that the US economy could grow at 8 or 9 percent in the years ahead.
'We're doing great. We can do a lot better," Trump said. "If I can cut the trade deficit from 817 billion, think of that. We have a trade deficit with other countries - 817 billion. If I cut it in half, we'll pick up 3 to 4 points so you could add that to the 4 or 5. And so would be at 8 or 9."
During the media event, Trump asserted, "we've accomplished an economic turnaround of historic proportions."
"America is being respected again, and America is winning again, because we are finally putting America first," Trump added. "Everywhere we look, we are seeing the effects of the American economic miracle."
However, critics argue the strong growth may not be sustainable.
"Economists caution that the latest acceleration, while good news for American businesses and households in the short term, is unsustainable in the long term and could raise the risk that the recovery will flame out in the years ahead," notes the New York Times.
President Trump on Friday touted the strong economic growth at a press event after the Commerce Department reported that gross domestic product grew at a 4.1 percent rate in the second quarter.
Furthermore, during a surprise appearance on The Sean Hannity Show later in the day, Trump suggested that the US economy could grow at 8 or 9 percent in the years ahead.
'We're doing great. We can do a lot better," Trump said. "If I can cut the trade deficit from 817 billion, think of that. We have a trade deficit with other countries - 817 billion. If I cut it in half, we'll pick up 3 to 4 points so you could add that to the 4 or 5. And so would be at 8 or 9."
During the media event, Trump asserted, "we've accomplished an economic turnaround of historic proportions."
"America is being respected again, and America is winning again, because we are finally putting America first," Trump added. "Everywhere we look, we are seeing the effects of the American economic miracle."
However, critics argue the strong growth may not be sustainable.
"Economists caution that the latest acceleration, while good news for American businesses and households in the short term, is unsustainable in the long term and could raise the risk that the recovery will flame out in the years ahead," notes the New York Times.