Trump touts US economy as envy of world leaders while China falters
During a campaign rally in Greenville, North Carolina, on Wednesday, Trump said he receives regular congratulatory comments about the strength of the domestic economy.
“Leaders come in from other countries, prime ministers, presidents, kings, queens, dictators sometimes … and they all start off by saying ‘Mr. President, I’d like to congratulate you on the incredible economy that you’ve created,’” Trump said, adding that it was “the greatest anywhere in the world by far.”
In the first quarter of the year, the U.S. economy grew at a pace of 3.1 percent, despite concerns about the effects of an ongoing trade war with China.
The U.S. economy also added 224,000 jobs in June – well above analyst expectations. The unemployment rate – at 3.7 percent – hovering near multi-decade lows.
Trump said on Wednesday that his administration’s economic policy could be summed up in three words: Jobs, jobs, jobs, adding that 6 million new positions have been created since Election Day.
And while the U.S. economy is on the upswing, Trump noted China is not faring so well.
“Sadly China … has had … the worst year in 27 years,” he added.
Economic growth in China slowed to 6.2 percent in the second quarter – which is a near three-decade low. Exports also fell for the month of June.
In addition to a number of domestic challenges, Beijing is struggling due to the growing trade war with the U.S.
Talks between officials of the world’s two largest economies have largely stalled, and President Trump said this week the pair have a long way to go before a deal is reached.
The U.S. has imposed tariffs on $250 billion worth of Chinese goods. China has levied tariffs on more than $100 billion worth of U.S. goods, retaliating against the Trump administration’s measures.
Trump has threatened to impose tariffs on another $325 billion worth of goods from China.
National Economic Council Director Larry Kudlow told FOX Business this week that China’s slowdown was due to both the trade war with the U.S. and underlying domestic problems.
“I think China has been hurt … We’ve talked a lot about the economic burden of President Trump’s tariffs falling more heavily on China,” Kudlow said.
The U.S. wants Beijing to implement structural reforms to its economy – including leveling the playing field for all companies and altering its treatment of intellectual property.