President Donald Trump speaks during a meeting with Romanian President Klaus Iohannis in the Oval Office of the White House, Tuesday, Aug. 20, 2019, in Washington. (AP Photo/Alex Brandon) Photo: AP
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Trump acknowledges China policies may mean U.S. economic pain

32 Comments
By KEVIN FREKING and JOSH BOAK

President Donald Trump acknowledged Tuesday his aggressive China trade policies may mean economic pain for Americans but insisted they're needed for more important long-term benefits. He insisted he's not fearing a recession but is nonetheless considering new tax cuts to promote growth.

Asked if his trade war with China could tip the country into recession, Trump brushed off the idea as "irrelevant" and said it was imperative to "take China on."

"It's about time, whether it's good for our country or bad for our country short-term," he said.

Paraphrasing a reporter's question, Trump said, "Your statement about, 'Oh, will we fall into a recession for two months?' OK? The fact is, somebody had to take China on."

The president indicated that he had no choice but to impose the tariffs that have been a drag on U.S. manufacturers, financial markets and, by some measures, American consumers.

Trump was clear he didn't think the nation is at risk of a recession, and that a boom was possible if the Federal Reserve would slash its benchmark interest rate.

"We're very far from a recession," Trump said. "In fact, if the Fed would do its job, I think we'd have a tremendous spurt of growth, a tremendous spurt."

Yet he also said he is considering a temporary payroll tax cut and indexing to inflation the federal taxes on profits made on investments — moves designed to stimulate faster growth. He downplayed any idea that these thoughts indicate a weakening economy , saying, "I'm looking at that all the time anyway."

Asked about his remarks, White House spokesman Judd Deere said "the president does not believe we are headed for a recession. The economy is strong because of his policies."

Trump faces something of an inflection point on a U.S. economy that appears to be showing vulnerabilities after more than 10 years of growth. Factory output has fallen and consumer confidence has waned as he has ramped up his trade war with China. In private, Trump and his advisers have shown concern that a broader slowdown if not an outright recession could arrive just as he is seeking reelection based on his economic record.

Trump rattled the stock and bond markets this month when he announced plans to put a 10% tax on $300 billion worth of Chinese imports. The market reaction suggested a recession might be on the horizon and led Trump to delay some of the tariffs that were slated to begin in September, though 25% tariffs are already in place for $250 million in other Chinese goods.

The president has long maintained that the burden of the tariffs is falling solely on China, yet that message was undermined by his statements to reporters Tuesday prior to a meeting in the Oval Office with the president of Romania.

"My life would be a lot easier if I didn't take China on. But I like doing it because I have to do it," Trump said.

The world economy has been slowing in recent months, and recent stock market swings have added to concerns that the U.S. economy is not immune. A new survey Monday showed a big majority of economists expecting a downturn to hit by 2021.

Addressing that possibility, Trump focused anew on pressuring the Federal Reserve to cut interest rates. Presidents have generally avoided criticizing the Federal Reserve publicly, but Trump has shown no inclination to follow that lead. Rather, he's positioning Fed Chairman Jerome Powell to take the fall if the economy swoons.

"I think that we actually are set for a tremendous surge of growth, if the Fed would do its job," Trump said. "That's a big if."

Trump recommended a minimum cut of a full percentage point in the coming months.

© Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

©2019 GPlusMedia Inc.


32 Comments
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A real chicken heart. Already setting up the blame if the country goes into recession. "Trade wars are good and easy to win." "Nobody knew health care could be so complicated." The man is a dangerous idiot, he did not think or plan this out. China has a history of over 3,000 years, they play the long game, and they have the patience to wait this out. Unless you haven't noticed patience is not one of the virtues that trump possesses.

11 ( +12 / -1 )

Paraphrasing a reporter's question, Trump said, "Your statement about, 'Oh, will we fall into a recession for two months?' OK?

Recession for two months?

Somebody should explain to the moron that a recession is two successive quarters of negative GDP growth.

8 ( +9 / -1 )

I bet Trump will have the largest budget deficit in the history of the United States as he tries to give away the farm to hold on to power.

I also bet he will try every dirty trick in the book to get rid of the Chairman of the Fed and install a loyalist.

Ad he won't even think twice about doing it.

8 ( +9 / -1 )

President Donald Trump acknowledged Tuesday his aggressive China trade policies may mean economic pain for Americans but 

he doesn't care because he's rich, so are the .01% he's setting policies for and who also won't be too adversely affected, and he has been able to deal with the CCP to get Ivanka/Trump Inc. dozens of trademarks.

3 ( +4 / -1 )

Trump will add trillions to the national debt screw the Country like he did all of his business then claim he was the best president ever....

5 ( +6 / -1 )

President Trump is stepping up to do what previous administrations didnt do - establishing practices with China that dont disadvantage the US. Unlike Obama. hes not taking the easy way out.

-10 ( +1 / -11 )

President Trump is stepping up to do what previous administrations didnt do - establishing practices

with CCP nabobs that benefit Ivanka/trump Inc. while hurting the US public in general.

How are US farmers doing, especially after getting subsidies paid for by US taxpayers, while also increasing the nation's debt.

The ongoing subsidies for corporate farms, big oil and defense industries are socialism for the rich.

2 ( +3 / -1 )

Somebody should explain to the moron that a recession is two successive quarters of negative GDP growth.

Not quite like that, liberals are bad at math, not surprising.

https://m.washingtontimes.com/news/2019/aug/8/acknowledging-robust-economy/

How are US farmers doing, especially after getting subsidies paid for by US taxpayers, while also increasing the nation's debt. 

Better, certainly not great, but it is does help a lot.

The ongoing subsidies for corporate farms, big oil and defense industries are socialism for the rich.

Not quite, You won’t get rid of fossil fuels for at least another 40 years and I don’t know about you, but I feel good about a strong and modern US military taking on anything that China, Russia or NK that can throw at us.

-8 ( +1 / -9 )

I believe that to win a trade war against China, Trump should have had the whole congress, US media, and US traditional allies to stand behind him. Trump simply cannot act alone in this very, very big job while moronically targeting many of the US's allies (those who also want to take on China) and the powerful voice of the US media. Worst, while the trade war results are not clear, he also took on nuclear issues with Iran and North Korea and has been greatly embarrassed by the consistent challenges of the "Little rocket man." It is the time for the those who voted for Trump to resize that this man cannot be trusted with anything.

4 ( +5 / -1 )

It's a trade war. Of course there's going to be some economic pain on both sides.

Too bad Obama didn't do anything about this China problem during his eight years in power.

-9 ( +0 / -9 )

Trump's backstep plan for socialist farmer entitlements look to continue right up to the election in 2020 but the farmers are not happy and Trump voters could be minus 5 million.

4 ( +4 / -0 )

" . . . trade wars are good and easy to win." (Donald Trump)

Not when you're going it alone because you've pissed off all of your partners.

3 ( +3 / -0 )

Well, this is what we get when we elect someone who has bankrupted six companies, lost over $1 Billion, ran a scam university, and thinks the UK had airports in the US in 1776....

President Trump is stepping up to do what previous administrations didn't do - establishing practices with China that dont disadvantage the US. Unlike Obama. hes not taking the easy way out.

Really? Then for the umpteenth time, why do Trump and Ivanka get their clothing and shoe lines made in Chinese sweatshop factories putting US garment workers out of jobs?

Despite President Trump's push for more products to be made in America, none of the President's or his daughter's clothes and accessories are made in the United States. Ivanka’s company outsources the manufacturing of its clothes to factories in Bangladesh, Indonesia, and China, The Washington Post reported last year.

Factory workers, farmers, steelworkers, yea, they are disadvantaged.... Trump and Ivanka - no way...

But what can you expect from a hypocrite that calls illegal immigration an "invasion", but then employs illegal immigrants for cheap wages at his properties...

https://thehill.com/hilltv/rising/423465-attorney-says-more-undocumented-workers-are-employed-at-trump-golf-course

3 ( +3 / -0 )

Factory workers, farmers, steelworkers, yea, they are disadvantaged.... Trump and Ivanka - no way...

But what can you expect from a hypocrite that calls illegal immigration an "invasion", but then employs illegal immigrants for cheap wages at his properties...

Phew...only 12-13 illegals caught, thank God Management from these companies were alerted so that they could quickly fix the problem, now that that’s over with we don’t have to worry about illegals working in these factories anymore.

-8 ( +0 / -8 )

Factory workers, farmers, steelworkers, yea, they are disadvantaged.... Trump and Ivanka - no way...

But what can you expect from a hypocrite that calls illegal immigration an "invasion", but then employs illegal immigrants for cheap wages at his properties...

Phew...only 12-13 illegals caught, thank God Management from these companies were alerted so that they could quickly fix the problem, now that that’s over with we don’t have to worry about illegals working in these factories anymore.

Management = Trump....

How do you know the problem is fixed? How do you know there aren't illegals still working there?

Factories? They were working at his golf courses and his resorts....here's a quick tutorial;

Illegal immigrants are employed at his properties...

Chinese make his ties and her shoes in sweatshop factories....

Disgraceful, isn't it...

3 ( +3 / -0 )

Management = Trump....

No, not when he’s running the country and has someone hired to do management. But the problem is resolved, I’d panic if it were thousands, good on fixing the problem.

How do you know the problem is fixed?

How do you know it’s not? I would tend to think if your place was raided that would be deeply scrutinized to weed out all illegals from these factories.

They were working at his golf courses and his resorts....here's a quick tutorial;

Illegal immigrants are employed at his properties...

And now they’re not.

Chinese make his ties and her shoes in sweatshop factories....

Disgraceful, isn't it...

Overlooked, brought to attention, dealt with, problem fixed.

-5 ( +0 / -5 )

Management = Trump....

No, not when he’s running the country and has someone hired to do management. But the problem is resolved, I’d panic if it were thousands, good on fixing the problem.

Says the guy who blamed Obama for a policeman jaywalking in Omaha.... His property, his responsibility...

How do you know the problem is fixed?

How do you know it’s not? I would tend to think if your place was raided that would be deeply scrutinized to weed out all illegals from these factories.

Well, I guess you didn't read the link where the attorney for the immigrants says there are more employed there...

They were working at his golf courses and his resorts....here's a quick tutorial;

Illegal immigrants are employed at his properties...

And now they’re not.

Prove it...

Chinese make his ties and her shoes in sweatshop factories....

Disgraceful, isn't it...

Overlooked, brought to attention, dealt with, problem fixed.

Absolute BS His ties and her shoes are still being made in China...prove ts fixed.....

At the same time, explain to us why is "Trump 2020" banners are made in China...

In early July, however, the owner of a flag-making factory in China’s Zhejiang province told the NPR podcast “The Indicator” that he was filling an order for Trump reelection flags.

“We also make flags for Trump for 2020. It seems like he has another campaign going on in 2020. Isn’t that right?” Li Jiang said in the interview through an interpreter, according to the show’s July 3 transcript. The host of the podcast later said Li was making “thousands of blue and white Trump 2020 flags.”

2 ( +2 / -0 )

hes not taking the easy way out.

No, he's taking the stupid way out. He thought he would just strong arm China and they would instantly bend to his will then he'd take a victory lap. Now we're stuck in a situation where both sides have to save face to make a deal, and they are a million miles apart.

The support I hear most often is, "at least he's doing something" and the usual surrender flag of, "the previous administrations." Why? Because you have no progress to point to.

He is simply inept at this level.

4 ( +4 / -0 )

OMG:

"Denmark is a very special country with incredible people, but based on Prime Minister Mette Frederiksen’s comments, that she would have no interest in discussing the purchase of Greenland, I will be postponing our meeting scheduled in two weeks for another time. The Prime Minister was able to save a great deal of expense and effort for both the United States and Denmark by being so direct. I thank her for that and look forward to rescheduling sometime in the future!"

This is Trump diplomacy. It's just insane.

4 ( +4 / -0 )

That visit to Denmark was a state visit, he was invited by Queen Margrethe. His abrupt cancellation, as Denmark refuse to entertain the idea of him buying a country and it's people, is an insult to the Queen, Government and peoples of Denmark and Greenland. It also shows that Trump isn't fit for office. He is insane.

3 ( +3 / -0 )

He simply doesn't have the diplomatic skills required at this level.

2 ( +3 / -1 )

Finally acknowledging it instead of obfuscating it

3 ( +3 / -0 )

He simply doesn't have the diplomatic skills required at this level.

But Obama did, right? Too bad he didn't use them if he had them. ( He didn't )

We finally have a president who is taking on China, which is a threat to us economically, something Biden refuses to acknowledge.

-3 ( +0 / -3 )

Here we go again!

bass4funk: "Not quite, You won’t get rid of fossil fuels for at least another 40 years and I don’t know about you, but I feel good about a strong and modern US military taking on anything that China, Russia or NK that can throw at us."

''Phew...only 12-13 illegals caught, thank God'' "No, not when he’s running the country and has someone hired to do management. But the problem is resolved, I’d panic if it were thousands, good on fixing the problem."

What has this got to do with the article?

Are the Moderators asleep?

0 ( +2 / -2 )

CrazyJoeToday 08:21 am JSTParaphrasing a reporter's question, Trump said, "Your statement about, 'Oh, will we fall into a recession for two months?' OK?

Recession for two months?

Somebody should explain to the moron that a recession is two successive quarters of negative GDP growth.

Who are we fooling here? Recessions can last for years. Even the post-Cold War recession that 'officially' started in 1990 didn't end in spring 1991 as the media said after the Gulf War, it got worse. And it didn't end even after Clinton got in office either. In May 1994 unemployment was still around 11% or worse.

Recovery from an economic recession takes time and you can't 'plan' an economy no matter how hard you try! There's way too many factors involved.

1 ( +2 / -1 )

We finally have a president who is taking on China, which is a threat to us economically, something Biden refuses to acknowledge.

So explain to us how having his clothing line and Ivanka her show line made in Chinese sweatshop factories is "taking on China".

We'll be waiting....

2 ( +3 / -1 )

CrazyJoeToday 08:21 am JST: "Somebody should explain to the moron that a recession is two successive quarters of negative GDP growth.

> bass4funkToday 10:53 am JSTSomebody should explain to the moron that a recession is two successive quarters of negative GDP growth.

Not quite like that, liberals are bad at math, not surprising.

starpunkToday 10:49 pm JST: "Recession for two months?

Somebody should explain to the moron that a recession is two successive quarters of negative GDP growth.

Who are we fooling here? Recessions can last for years."

"In a 1974 The New York Times article, Commissioner of the Bureau of Labor Statistics Julius Shiskin suggested several rules of thumb for defining a recession, one of which was two consecutive quarters of negative GDP growth."

-2 ( +0 / -2 )

So explain to us how having his clothing line and Ivanka her show line made in Chinese sweatshop factories is "taking on China".

We'll be waiting....

Who said anything about close down all non-Chinese owned factories in China?

So explain to us how continuing with the status quo is beneficial to the U.S. in the long run.

We'll be waiting...

-1 ( +1 / -2 )

So explain to us how having his clothing line and Ivanka her show line made in Chinese sweatshop factories is "taking on China".

We'll be waiting....

And we're still waiting -

Who said anything about close down all non-Chinese owned factories in China?

So explain to us how continuing with the status quo is beneficial to the U.S. in the long run.

I might try to answer that if I could understand it....

Trumpers again fail to explain how Trump is "tough" on China when he get his clothes made in Chinese factories cheating US workers out of jobs...

I guess its called being backed into a corner...

2 ( +2 / -0 )

So explain to us how continuing with the status quo is beneficial to the U.S. in the long run.

I might try to answer that if I could understand it....

You can't understand this simple question? As Jack Nicholson would say, OK, I'm going to make this as easy for you as I can.

Explain to us how having our jobs taken by China on a massive scale and having our intellectual property stolen benefits the U.S.

-1 ( +0 / -1 )

Explain to us how having our jobs taken by China on a massive scale and having our intellectual property stolen benefits the U.S.

That's a perfect question for Trump and any Trump supporter...

Explain to us why Donnie and Ivanka get their clothes and shoes made in Chinese sweatshops cheating US workers out of jobs, all the while they say China is taking our jobs and stealing our intellectual property?

Do you support the Trumps getting their clothes and shoes made in China?

If so, how is that not stealing jobs from US garment workers?

How is getting tough on China square with Trump giving Chinese factories his business?

We'll be waiting...

1 ( +1 / -0 )

And waiting, and waiting......

1 ( +1 / -0 )

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