CLOSINGS: View Closings

Trump touts economy: 'These numbers are very, very sustainable'

President Donald Trump on Friday ...

Posted: Jul 27, 2018 1:45 PM
Updated: Jul 27, 2018 1:45 PM

President Donald Trump on Friday seized on a strong GDP growth rate for the second quarter of the year to tout the economic gains made during his presidency and argued the US is experiencing an economic boom.

The US economy grew at a 4.1% annual rate in the second quarter of the year, a figure Trump touted as "amazing" and sustainable -- even as economists caution economic growth for the second half of the year will likely be slower.

"These numbers are very, very sustainable -- this isn't a one-time shot," Trump said on Friday, speaking from the South Lawn of the White House.

The President, flanked by Vice President Mike Pence and his top economic advisers, also claimed the economy is on track to hit an annual GDP growth rate of more than 3%.

"We've turned it all around. Once again, we are the economic envy of the entire world," Trump said. "We've accomplished an economic turnaround of historic proportions."

Economists welcomed the GDP growth figures on Friday as the latest sign of a strong US economy. But Trump's rosy take on the long-term health of the US economy also stood in contrast to assessments that the 4.1% growth last quarter was boosted by a spike in exports driven by trade war fears.

Exports surged last quarter amid fears of rising trade tensions and retaliatory tariffs being imposed by top US trading partners. Soybean exports -- a target of retaliatory tariffs from China and the European Union -- shot up, likely in an effort to skirt the incoming tariffs.

The sudden rise could lead to a slump in exports in the next economic quarter.

But Trump did not urge caution on that front, instead pointing to a decrease in the US trade deficit driven by those exports, calling it "one of the biggest wins" in the economic report. The US trade deficit, Trump noted, has dropped by more than $50 billion.

Fresh off a preliminary agreement with the European Union to hold off on additional tariffs and begin negotiations toward reducing trade barriers, Trump also claimed that he has "ended" foreign trade abuses by other countries, even as trade feuds continue on several fronts.

Trump claimed that the US has been "abused like no nation has ever been abused on trade before," including by US allies.

"They stole our jobs and they plundered our wealth, but that ended," Trump said.

Trump was joined on the South Lawn of the White House by a coterie of aides, including his top economic advisers: Treasury Secretary Steve Mnuchin, Commerce Secretary Wilbur Ross, US Trade Representative Robert Lighthizer, Office of Management and Budget Director Mick Mulvaney and Kevin Hassett, chairman of the council of economic advisers.

Minnesota Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 60898

Reported Deaths: 1698
CountyConfirmedDeaths
Hennepin19271835
Ramsey7572265
Dakota4414106
Anoka3683114
Stearns289320
Washington212845
Nobles17646
Olmsted173223
Scott155919
Mower11012
Rice10328
Blue Earth9185
Wright8845
Carver8613
Clay78440
Sherburne7238
Kandiyohi6961
St. Louis55319
Todd4262
Lyon4253
Freeborn3591
Steele3482
Nicollet33713
Benton3203
Watonwan3080
Winona26116
Beltrami2400
Crow Wing23514
Le Sueur2201
Martin2075
Chisago2011
Goodhue1969
Otter Tail1943
McLeod1810
Cottonwood1780
Becker1571
Pipestone1579
Polk1534
Waseca1480
Itasca14712
Douglas1441
Carlton1370
Unassigned13441
Pine1290
Dodge1270
Isanti1250
Murray1221
Chippewa1041
Morrison921
Wabasha920
Brown892
Faribault870
Jackson860
Meeker852
Rock850
Sibley832
Koochiching773
Pennington751
Cass722
Mille Lacs713
Renville645
Fillmore630
Lincoln580
Grant553
Swift531
Roseau520
Yellow Medicine520
Pope480
Houston420
Aitkin401
Norman400
Kanabec361
Redwood360
Wilkin343
Hubbard330
Marshall290
Mahnomen271
Wadena270
Red Lake240
Big Stone220
Lake210
Stevens180
Clearwater140
Traverse110
Lac qui Parle70
Cook50
Kittson30
Lake of the Woods20

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 48781

Reported Deaths: 929
CountyConfirmedDeaths
Polk10309207
Woodbury371952
Black Hawk312766
Linn237588
Johnson209619
Dallas188535
Buena Vista179412
Scott171814
Dubuque167631
Marshall144426
Pottawattamie132526
Story116614
Wapello90033
Muscatine84748
Webster8017
Crawford7283
Sioux6343
Cerro Gordo62517
Warren5641
Tama55129
Jasper47826
Wright4721
Plymouth4629
Clinton3973
Dickinson3814
Louisa37814
Washington29810
Boone2583
Hamilton2461
Franklin24110
Bremer2267
Clarke2013
Carroll1921
Emmet1924
Clay1901
Shelby1841
Hardin1810
Des Moines1792
Marion1730
Poweshiek1598
Benton1561
Jackson1561
Allamakee1554
Floyd1552
Mahaska13917
Cedar1331
Guthrie1325
Jones1302
Buchanan1271
Henry1254
Hancock1222
Butler1212
Madison1212
Pocahontas1152
Lee1143
Lyon1132
Delaware1121
Humboldt1111
Cherokee1081
Harrison1071
Clayton1043
Taylor980
Iowa971
Winneshiek971
Page940
Kossuth910
Monona910
Mills890
Sac850
Jefferson840
Palo Alto840
Winnebago840
Calhoun832
Osceola830
Fayette820
Grundy791
Mitchell780
Union771
Cass741
Monroe737
Lucas684
Worth660
Montgomery594
Davis572
Chickasaw540
Appanoose493
Howard490
Fremont420
Greene410
Van Buren371
Keokuk351
Adair300
Ida290
Audubon281
Decatur230
Ringgold221
Wayne191
Adams160
Unassigned60
Rochester
Few Clouds
65° wxIcon
Hi: 72° Lo: 52°
Feels Like: 65°
Mason City
Clear
62° wxIcon
Hi: 75° Lo: 53°
Feels Like: 62°
Albert Lea
Clear
64° wxIcon
Hi: 75° Lo: 53°
Feels Like: 64°
Austin
Clear
64° wxIcon
Hi: 75° Lo: 52°
Feels Like: 64°
Charles City
Clear
64° wxIcon
Hi: 75° Lo: 53°
Feels Like: 64°
Storm chances End, Cooler & Less Humid Ahead
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Preparing for Minnesota's Primary

Image

American Legion starting '100 Miles of Hope' for veterans and children

Image

Diversity Council hosts 'Allies and Advocates'

Image

More construction in downtown Rochester starts

Image

NIACC baseball pushing athletes to the next level

Image

Sunday weather

Image

Weather

Image

Rochester Area Restore celebrates 6 years

Image

Saturday Weather

Image

Grief mask making workshop

Community Events