President Donald Trump said Tuesday he thinks gross domestic product growth in the next quarter “could be in the 5s” — that is, higher than 5 percent.
Trump made the bold prediction Tuesday evening before a dinner at his Bedminster, New Jersey, golf resort with leaders from FedEx, Mastercard, Boeing, PepsiCo and other companies.
Trump also hailed his own economic and trade policies, saying he is “taking our economy to incredible new heights” in spite of fears of damage from the escalating trade disputes he has provoked.
“You’re gonna see some really super growth,” he promised.
He acknowledged, “We’re in a little bit of a fight with China” over tariffs, but predicted a “fantastic trading relationship” eventually.
The government reported last month that the economy grew at an annual rate of 4.1 percent in the second quarter, the fastest pace in nearly four years.
At the end of his remarks, Trump asked the business leaders to introduce themselves. A number of them, including Fiat Chrysler CEO Michael Manley and Boston Beer founder Jim Koch, touted the president’s economic policies, including his tax cut.
The introductions began to resemble the scene at many of Trump’s Cabinet meetings, in which the president’s appointees take turns praising him. Trump jokingly noted that everyone at the dinner appeared to like him.
(AP)
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Imported goods become more expensive due to tariffs. Exporters are already losing overseas orders. There is a labor shortage due to a low birthrate for the last 40+ years and falling immigration. Trump is being overconfident, and will end up paying a severe price if the economic boom does not continue. His trade war is cancelling out the taxcut, and his anti-immigration policy is suicidal in the long run (since for except for a few groups of religious fanatics, ourselves included, Americans aren’t producing new workers the “old fashioned” way, leaving immigration the only source of new labor).