President Trump touts the ongoing economic boom shutting down reports suggesting a recession could strike in the coming years and even months.
The president issued his confidence in the economy while speaking to reporters on Sunday saying, “We are doing better than any country, or even any area, anywhere in the world.”
President Trump continued by saying although he is “prepared for anything” he does not anticipate an economic downturn anytime soon.
The president cited his historic tax cuts as justification for his confidence saying, “Our consumers are rich. I gave a tremendous tax cut, and they’re loaded up with money. They’re buying.”
President Trump also took to twitter over the weekend to defy the reports saying the United States is thriving under the current economy and growth will be tremendous after trade deals are finalized.
The president also mentioned the Chinese are “eating” the current tariffs paving the way for a “great future” for the United States.
President Trump’s remarks come following weeks of uncertainty within global markets as the United States and China continue a dialogue surrounding a potential trade deal.
Just last month, President Trump warned Beijing the U.S. would enact a 10% tariff on $300 billion worth of Chinese goods by September 1.
Since that announcement, some tariffs have been removed and others have been delayed, which prompted stocks to soar.
In response, Beijing was quick to reassure the United States it would retaliate if it followed through on the tariffs.
China’s Council Tariff Committee released a statement on last week saying China “has no choice but to take necessary measures to retaliate,” although it remains unclear what that would entail.
The president cited the delay as critical for retailers to get through Christmas without extreme price increases.
White House trade adviser Peter Navarro has since weighed in on the talks saying there are structural issues involving technology and currency manipulation which need to be straightened out before a deal can be reached.