WASHINGTON: White House officials pushed back on Sunday against concerns that economic growth may be faltering, saying they saw little risk of recession despite a volatile week on global bond markets, and insisting their trade war with China was doing no damage to the United States.
His comments follow a rocky week in which concerns about a possible U.S. recession began to drive financial markets and seemed to put administration officials on edge about whether the economy would hold up through the 2020 presidential election campaign. Democrats on Sunday argued Trump's trade policies are now posing an acute, short-term risk.
Much of the uncertainty surrounds prospects for a resolution of the trade tensions between the United States and China. For bond markets, the sort of movement Navarro described is often driven by trouble - in this case the possibility that the trade battle with China is lasting far longer than expected and becoming disruptive to business investment and growth.The U.S. economy does continue to grow and add jobs each month. Retail sales in July jumped a stronger-than-expected 0.7per cent, the government reported last week, and Kudlow said that number showed that the main prop of the U.S. economy is intact.
Despite talking up the economy, the president and his advisers have repeatedly accused the Fed of undermining the administration's economic policies. On Sunday, Kudlow again pointed the finger at the central bank, describing rate hikes through 2017 and 2018 as"very severe monetary restraint." Democratic presidential candidates on Sunday joined the many economic analysts who have said the administration's sometimes erratic policies on trade - at one point threatening tariffs on Mexico over immigration issues - are to blame for increased uncertainty, disappointing business investment and market volatility.
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