Donald Trump’s economic advisor, director of the National Economic Council Larry Kudlow, declared today the U.S. economy will exhibit strong economic growth and achieve a GDP growth rate above 3% despite what happens in the current trade negotiations with China.
“The U.S. economy is very strong,” Kudlow told CNBC’s “Power Lunch.” “I think we’re in very good shape and I think we’ll maintain a 3% growth pace this year,” reported CNBC.
“That 3% number is not contingent on a China deal that might not be satisfactory for American economic interests,” Kudlow added. “What has changed is lower tax rates, massive deregulation, opening up the energy sector and various trade reforms.”
President Trump also declared today in advance of the coming G-20 meeting that trade negotiations are on hold until China returns to the original deal negotiated with The White House earlier this year. Trump also said if he does not meet Chinese President Xi at the G-20 he will raise tariffs on the remaining $300 billion of Chinese imports into the U.S. to 25%.