President Trump Defies Critics, Hails 4.1 Percent Growth In US Economy
US President made an unscheduled appearance on the South Lawn
President Donald Trump has defied his critics and the 'fake news media' following a new economic report showing the U.S. economy grew at a clip of 4.1 percent in the second quarter, reaching a pace not seen since 2014.
Trump said: "It is indeed a big one," before expressing he was honored by the growth figure calling it a 'great day.'
The US President then made an unscheduled appearance on the South Lawn of the White House, to elaborate on the news.
According to the DM: 'As the trade deals come in one by one we're going to go a lot higher than these numbers and these are great numbers,' Trump said.
'These numbers are very, very sustainable. This isn't a one-time shot,' Trump said.
He also made a sunny prediction about the next quarter. The latest numbers reflect April through June.
'I think the numbers are going to be outstanding. We've accomplished an economic turnaround of historic proportions,' Trump said.
'We're on track to hit the highest annual average growth rate in over 13 years,' Trump said, predicting it could be 'substantially over 3 per cent' on an annualized basis.
Trump called it an 'American economic miracle.'
'We are the economic envy of the entire world,' Trump added, adding the world leaders compliment the U.S. economy when they talk to him.
Trump also hailed a more than $50 billion reduction in the U.S. trade deficit.
The positive economic report provided welcome relief for Trump, who is under fire by the Russia probe, and suffered polls that have him below 40 per cent in key battlegrounds in the Midwest.
Just Thursday night, it was reported his longtime personal lawyer Michael Cohen would tell investigators Trump knew about the June 2016 Trump Tower meeting between his son Don Jr. and Russians in advance.
The 4.1 per cent growth rate hits a high pace not reached since 2014.
The steady growth comes at a time of jitters over a multi-front trade war, with tariffs and reciprocal taxes on imports.
The growth is in part driven by consumers who began spending their tax cuts and exporters who sought to get their products delivered ahead of the retaliatory tariffs.
President Trump had been talking up the growth rate in advance, including at a rally on Thursday in Illinois.
'Somebody actually predicted today, 5.3 [per cent], Trump said in Granite City. 'I don't think that's going to happen — 5.3. If it has a 4 in front of it, we're happy. If it has like a 3 but it's a 3.8, 3.9, 3.7, we're OK,' Trump said.
The White House said he wasn't tipped off to the growth rate in advance.
President Donald Trump greets his daughter Ivanka Trump while speaking at the United States Steel Granite City Works plant Thursday, July 26, 2018, in Granite City, Ill. Analysts said contributing to growth were purchases made in advance of retaliatory tariffs
The Commerce Department reports that the gross domestic product, the country's total output of goods and services, posted its best showing since a 4.9 percent gain in the third quarter of 2014.
President Donald Trump predicts growth will accelerate under his economic policies. But private forecasters cautioned that the April-June pace is unsustainable because it stems from temporary factors.
The rest of the year is likely to see good, but slower growth of around 3 percent.
Trump's economic advisor Larry Kudlow said Thursday in advance of the release to expect a 'big' figure.
Trump also hyped the U.S. economy days ago, saying it had the 'best financial numbers on the planet.'
Earlier this month Donald Trump has marked his second Independence Day as President seeing US approval rating soar past former President Barack Obama at the same point in his term.
President Trump now has a massive 48 percent approval rating, beating Barack Obama’s approval rating by 3 points according to Rasmussen’s Daily Presidential Tracking Poll.