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Trump touts economy: 'These numbers are very, very sustainable'

President Donald Trump on Friday ...

Posted: Jul 27, 2018 1:45 PM
Updated: Jul 27, 2018 1:45 PM

President Donald Trump on Friday seized on a strong GDP growth rate for the second quarter of the year to tout the economic gains made during his presidency and argued the US is experiencing an economic boom.

The US economy grew at a 4.1% annual rate in the second quarter of the year, a figure Trump touted as "amazing" and sustainable -- even as economists caution economic growth for the second half of the year will likely be slower.

"These numbers are very, very sustainable -- this isn't a one-time shot," Trump said on Friday, speaking from the South Lawn of the White House.

The President, flanked by Vice President Mike Pence and his top economic advisers, also claimed the economy is on track to hit an annual GDP growth rate of more than 3%.

"We've turned it all around. Once again, we are the economic envy of the entire world," Trump said. "We've accomplished an economic turnaround of historic proportions."

Economists welcomed the GDP growth figures on Friday as the latest sign of a strong US economy. But Trump's rosy take on the long-term health of the US economy also stood in contrast to assessments that the 4.1% growth last quarter was boosted by a spike in exports driven by trade war fears.

Exports surged last quarter amid fears of rising trade tensions and retaliatory tariffs being imposed by top US trading partners. Soybean exports -- a target of retaliatory tariffs from China and the European Union -- shot up, likely in an effort to skirt the incoming tariffs.

The sudden rise could lead to a slump in exports in the next economic quarter.

But Trump did not urge caution on that front, instead pointing to a decrease in the US trade deficit driven by those exports, calling it "one of the biggest wins" in the economic report. The US trade deficit, Trump noted, has dropped by more than $50 billion.

Fresh off a preliminary agreement with the European Union to hold off on additional tariffs and begin negotiations toward reducing trade barriers, Trump also claimed that he has "ended" foreign trade abuses by other countries, even as trade feuds continue on several fronts.

Trump claimed that the US has been "abused like no nation has ever been abused on trade before," including by US allies.

"They stole our jobs and they plundered our wealth, but that ended," Trump said.

Trump was joined on the South Lawn of the White House by a coterie of aides, including his top economic advisers: Treasury Secretary Steve Mnuchin, Commerce Secretary Wilbur Ross, US Trade Representative Robert Lighthizer, Office of Management and Budget Director Mick Mulvaney and Kevin Hassett, chairman of the council of economic advisers.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 501652

Reported Deaths: 10024
CountyCasesDeaths
Harrison34353540
DeSoto32162408
Hinds31977631
Jackson24508383
Rankin22015390
Lee15596235
Madison14597280
Jones13867243
Forrest13461252
Lauderdale11998317
Lowndes11065188
Lamar10522136
Pearl River9547237
Lafayette8557140
Hancock7740127
Washington7443160
Oktibbeha7147133
Monroe6787178
Warren6706176
Pontotoc6677104
Neshoba6642206
Panola6542131
Marshall6476135
Bolivar6323150
Union605794
Pike5824152
Alcorn5676102
Lincoln5439135
George497479
Scott473098
Tippah470381
Prentiss469182
Leflore4663144
Itawamba4640105
Adams4592119
Tate4592111
Copiah448792
Simpson4448116
Yazoo444887
Wayne440072
Covington429094
Sunflower4240105
Marion4232108
Coahoma4168107
Leake408688
Newton381779
Grenada3711108
Stone360664
Tishomingo360092
Attala331789
Jasper330165
Winston314691
Clay308977
Chickasaw301067
Clarke292594
Calhoun279447
Holmes267987
Smith264150
Yalobusha234547
Tallahatchie228251
Greene219449
Walthall218764
Lawrence213140
Perry205956
Amite205256
Webster203046
Noxubee186840
Montgomery179657
Jefferson Davis172243
Carroll169338
Tunica160039
Benton149239
Kemper141941
Choctaw133326
Claiborne132837
Humphreys129638
Franklin120328
Quitman106528
Wilkinson105139
Jefferson94734
Sharkey64220
Issaquena1937
Unassigned00

Alabama Coronavirus Cases

Cases: 820312

Reported Deaths: 15407
CountyCasesDeaths
Jefferson1148731924
Mobile726221339
Madison52362697
Shelby37640350
Baldwin37266552
Tuscaloosa35120612
Montgomery34123740
Lee23540246
Calhoun22236488
Morgan20958378
Etowah19838500
Marshall18381304
Houston17394412
St. Clair16078339
Cullman15468293
Limestone15354199
Elmore15271286
Lauderdale14323295
Talladega13851283
DeKalb12664261
Walker11221370
Blount10207176
Autauga10048148
Jackson9877184
Coffee9211191
Dale8904185
Colbert8877201
Tallapoosa7093198
Escambia6778134
Covington6715183
Chilton6648162
Russell637559
Franklin5969105
Chambers5612142
Marion5010127
Dallas4979200
Pike4796106
Clarke475884
Geneva4575127
Winston4522103
Lawrence4327117
Bibb425386
Barbour357876
Marengo338390
Monroe331664
Randolph329864
Butler326796
Pickens316584
Henry312866
Hale311688
Cherokee302960
Fayette294180
Washington251651
Cleburne247760
Crenshaw245375
Clay243368
Macon234863
Lamar224847
Conecuh186353
Coosa180340
Lowndes175464
Wilcox168939
Bullock151744
Perry138940
Sumter133238
Greene126744
Choctaw88527
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