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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: 253932

Reported Deaths: 5524
CountyCasesDeaths
DeSoto17120175
Hinds16207322
Harrison13353193
Rankin10689211
Jackson10303183
Lee8796141
Madison8232162
Jones6288110
Forrest5949119
Lauderdale5847180
Lowndes5355116
Lafayette494292
Lamar484165
Washington4777123
Bolivar3966108
Oktibbeha392480
Panola368378
Pontotoc362853
Monroe3533105
Warren348498
Union343060
Marshall341665
Neshoba3370152
Pearl River327899
Leflore3002105
Lincoln297085
Sunflower282669
Tate270862
Hancock266559
Alcorn263253
Itawamba262459
Pike262077
Scott246245
Prentiss245052
Yazoo244355
Copiah240849
Tippah240450
Simpson234867
Leake230564
Coahoma230054
Grenada217770
Covington211371
Marion210672
Adams204670
Winston200164
Wayne199630
George199038
Attala193559
Newton191342
Tishomingo184459
Chickasaw183644
Jasper169735
Holmes168567
Clay159033
Stone142320
Tallahatchie140134
Clarke138660
Calhoun135721
Smith120123
Yalobusha116534
Walthall111836
Noxubee110322
Greene109729
Montgomery109434
Carroll104221
Lawrence102417
Perry101631
Amite97725
Webster92224
Tunica86321
Claiborne86125
Jefferson Davis84125
Humphreys82924
Benton81523
Kemper77120
Quitman6888
Franklin66415
Choctaw60313
Wilkinson58325
Jefferson53819
Sharkey42717
Issaquena1596
Unassigned00

Alabama Coronavirus Cases

Cases: 422598

Reported Deaths: 6120
CountyCasesDeaths
Jefferson62039921
Mobile30225548
Madison27052186
Tuscaloosa20728267
Montgomery18978305
Shelby18504114
Baldwin16251182
Lee12465101
Morgan12233113
Etowah11735168
Calhoun11122200
Marshall10191107
Houston8598148
Cullman8023105
Limestone800274
Elmore7836101
DeKalb768397
Lauderdale754683
St. Clair7535120
Talladega6166108
Walker5897174
Jackson580341
Colbert532073
Blount530483
Autauga518455
Coffee441056
Dale396181
Franklin366248
Chilton336165
Russell330310
Covington327268
Escambia316842
Dallas303196
Chambers282769
Clarke281433
Tallapoosa2616107
Pike248729
Marion245650
Lawrence243647
Winston226635
Bibb215147
Geneva201435
Marengo199029
Pickens196531
Hale175842
Barbour172936
Butler169658
Fayette168226
Cherokee160330
Henry153621
Monroe145217
Randolph139835
Washington137626
Clay126145
Crenshaw118744
Lamar118019
Cleburne117423
Macon114735
Lowndes110335
Wilcox103121
Bullock99028
Perry97419
Conecuh94420
Sumter89026
Greene76023
Coosa60515
Choctaw51224
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