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‘I don’t see a recession’: Donald Trump on economic crisis

Trump dismisses recession fears
Trump dismisses recession fears

US President Donald Trump has rebuffed claims that the country is facing recession, even as economists have warned of a looming economic crisis.

US President Donald Trump said on Sunday that there is no danger of recession and the US “is doing tremendously well”. “Our consumers are tremendously rich. They’re loaded up with money. Walmart is through the roof. We’re not going to have a recession – the world is in a recession right now,” Trump averred.

Trump said that Germany, the European Union and the UK and “a lot of countries are not doing as well like we’re doing”. He further stated that his trade policy is working and China “wants to come to the negotiating table”.

“China’s doing very poorly – the worst in 27 years – because of what I’ve done,” he said. “They are losing millions of jobs in China. We’re not paying for the tariffs; China is paying for the tariffs. Other countries maybe but in the case of China, China is eating the tariffs – at least so far,” he further added.

White House economic adviser Larry Kudlow asserted that trade deputies from China and the US will speak to another within 10 days to resolve trade wars between the two countries. “There is no recession in sight. Consumers are working. Their wages are rising. They are spending and they are saving,” Kudlow avowed.

The remarks come at a time when concerns about a possible recession in the US have created turmoil in the market. US stock markets plummeted last week, with three major US indexes closing down about 3%. The US Federal Reserve and other central banks have already altered their monetary policy. Meanwhile, volatile market has created uncertainty for Trump, who has pitched his bid for a second term by highlighting the economy’s performance. 

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