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Trump dismisses recession fears

Credit: Reuters Studio
Published on August 19, 2019 - Duration: 01:33s

Trump dismisses recession fears

U.S. President Donald Trump and top White House officials dismissed concerns that economic growth may be faltering, saying they saw little risk of recession despite a volatile week on global bond markets, and insisting their trade war with China was doing no damage to the United States.

Jillian Kitchener reports.

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Trump dismisses recession fears

(SOUNDBITE) (English) U.S. PRESIDENT DONALD TRUMP, SAYING: “I don’t see a recession...” U.S. President Donald Trump and top White House officials rejected the notion that U.S. economic growth may be faltering, despite data last week that indicated the country may be headed toward a recession.

(SOUNDBITE) (English) U.S. PRESIDENT DONALD TRUMP, SAYING: "We're doing tremendously well, our consumers are rich, I gave a tremendous tax cut, and they're loaded up with money.” Trump’s Sunday comments follow a rocky week for markets driven by a key bond indicator seen as a possible sign of an impending recession.

Investors also fear a global slowdown due to the U.S.-China trade war.

White House economic adviser Larry Kudlow said trade deputies from the two countries would speak within 10 days and if the meetings pan out Chinese officials would likely come to the U.S. to advance negotiations over ending tariffs.

But Trump was less optimistic on striking a trade deal with China.

(SOUNDBITE) (English) U.S. PRESIDENT DONALD TRUMP, SAYING: “China would like to make a deal, I'm not ready.” Trump also said he spoke with Apple CEO Tim Cook -- who Trump said “made a good case” that additional tariffs on $300 billion worth of Chinese goods, including consumer electronics- could end up hurting Apple.

(SOUNDBITE) (English) U.S. PRESIDENT DONALD TRUMP, SAYING: "One of the things he made a good case is that Samsung is their number one competitor and Samsung is not paying tariffs because they’re based in South Korea... I thought he made a very compelling argument, so I’m thinking about it.” An economic slowdown would be bad news for Trump, who is building his 2020 bid for a second term around the economy's performance.

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