WASHINGTON (AP) — President Donald Trump acknowledged Tuesday, Aug. 20, his aggressive China trade policies may mean economic pain for Americans but insisted they’re needed for more important long-term benefits.
He contended he does not fear 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.
RISK OF RECESSION
Trump was clear that 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.”
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