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Politics : The Trump Presidency -- Ignore unavailable to you. Want to Upgrade?

To: i-node who wrote (207487)	8/5/2021 12:28:39 PM
From: Sam	Respond to of 361488

What Chuck Jones and others show is that the economy under Trump mostly continued the progress that began under Obama. Except it began slowing in late 2019, with many economists predicting a recession would occur in 2020 or 2021 due to the deleterious effects of Trump's trade and tariff policies. Trump's trade war could spark a recession, Goldman Sachs warns Economists are increasingly worried that the president may have set in motion a chain of events that can’t be controlled. Aug. 12, 2019, 1:56 PM EDT By Martha C. White President Donald Trump's trade war with China is increasing the odds that America will be thrown into a recession, according to investment bank Goldman Sachs. ?On Friday, the president told reporters, “I’m not ready to make a deal” with China, asserting, “It’s working out very well.” Starting Sept. 1, the Trump administration plans to levy a 10 percent tariff on the final $300 billion of Chinese imports to the United States, a tranche that includes consumer goods such as clothes, shoes and electronics. For many market observers, this is a signal that tariffs, and their economic impact, aren’t going away anytime soon. “I'm very skeptical that the two sides will come to a deal before the 2020 election,” said Meredith A. Crowley, a faculty reader in the economics department at the University of Cambridge in the United Kingdom. “I see little reason to be optimistic that there will be restraint.” This portends increasingly dire consequences for the U.S. and the global economic outlook. In a research note released Sunday, Goldman Sachs chief economist Jan Hatzius said, “We have increased our estimate of the growth impact of the trade war.” Fourth-quarter growth could drop to 1.8 percent, according to Goldman Sachs, which calculated the cumulative hit the trade war has dealt to the nation’s gross domestic product at 0.6 percent. “Fears that the trade war will trigger a recession are growing,” Hatzius said. Mark Zandi, chief economist at Moody’s Analytics, said the trade war with China already has eliminated 300,000 jobs and reduced the GDP growth by 0.3 percentage points. “If Trump follows through with 10 percent on $300 billion, and tariffs stay there, the impact by the end of 2020 will be 0.7 percent,” he said. “That’s the difference between an economy that’s growing at its potential and one that’s growing below it.” continues at nbcnews.com There were plenty of other articles like the above in the second half of 2019. Trump took a sustainably growing economy under Obama and turned it into a impending disaster.