Source: AP Photo/Manuel Balce Ceneta
President Trump’s economic agenda has performed better
than projected again. First quarter growth hit a solid three percent, staving
off fears of a recession and once again showing the U.S. economy is still going
strong.
There have been ongoing fears that the Trump administration’s
escalating trade war with China could send us off the rails. The stock market
has been volatile. The White House recently announced a $15 billion program to
help farmers impacted by the tariff conversations and threats.
The
administration is playing the short-term pain for long-term game strategy,
which isn’t all that popular with past Republican on this policy; many would
see this as a pork program. Yet, after three presidencies of failing to tackle
China on trade, what have we got to lose? China has noticed that this is a
White House that has teeth and one that’s coming after them on multiple fronts.
They respect that as well, viewing him
as a master tactician.
This issue will linger.
For now, the economy is
growing and talk of a recession should be put to rest (via CNBC):
The
U.S. economy grew by 3.1% to start the year, slightly better than expected and
providing some relief at a time when recession fears are accelerating, the
Commerce Department reported Thursday.
First-quarter
gross domestic product beat the 3% Dow Jones estimate but was lower than the
initial 3.2% projection from the Bureau of Economic Analysis. The decrease came
due to downward revisions to nonresidential fixed and private inventory
investment, two key drivers to GDP.
[…]
Exports
rose 4.8% amid the increasingly bitter trade war between the U.S. and China,
while imports, which are a subtraction from GDP, declined 2.5%. The level of
net exports contributed nearly 1 percentage point to the GDP gain.
In
the bigger picture, growth easily surpassed what most economists had been
expecting at the start of the year. At one point, the Atlanta Federal Reserve
was estimating GDP to rise just 0.2%. Strong contributions from real gross
domestic income helped drive the better numbers, as did a rise in exports,
state and local government spending and nonresidential fixed investment.
Three words: Keep. America. Great.
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First Lady Melania Trump in Japan
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🎬 Watch: President Trump and the First Lady visit Japan
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“American exporters face systematically higher tariffs in the markets of more
than 100 U.S. trading partners,” White House Director of Trade and
Manufacturing Policy Peter Navarro writes. “Whether you’re a pure free trader
or a fair, reciprocal and balanced trader like the president, if you live in a
relatively low-tariff country like the U.S., you should oppose an international
trading system that helps institutionalize nonreciprocal tariffs.”
