President Trump said Friday his administration has accomplished “an economic turnaround of historic proportions” as U.S. gross domestic product rose to an annual rate of 4.1 percent in the second quarter.
“If economic growth continues at this pace, the U.S. economy will double in size more than 10 years faster than it would have under either President Bush or President Obama,” Trump said in remarks from the White House.
Trump used Friday’s second-quarter report to tout various aspects of his administration’s economic agenda and take a victory lap around recent critics of his actions on trade. Predicting the numbers would grow even more in the next quarter, the president said the rate of private business investment has seen “a tremendous increase” to 9.4 percent since he took office and the U.S. trade deficit narrowed by $50 billion.
“I happen to think we’re going to do very well in our next report. I think the numbers are going to be outstanding,” he said, adding that his top economic advisers told him the current rate of growth is “very, very sustainable.”
“We’ve had a pro-growth agenda. It has been in a place for a short while [and] it is already beginning to work,” said National Economic Council Chairman Larry Kudlow, who joined Trump and Council of Economic Advisers chief Kevin Hassett for the hastily organized appearance Friday morning.
The president’s celebration came a day after he touted the positive impact his tariffs have had on the U.S. steel industry at a plant in Illinois, and two days after he and European Commission President Jean-Claude Juncker struck a preliminary trade agreement that quelled concerns about a further trade dispute with allies.
Trump said the current manufacturing renaissance, combined with Friday’s numbers and ongoing negotiations over new bilateral trade deals, proved the U.S. is once again “the economic envy of the entire world.”
“When I meet with the leaders of countries, the first thing they say in variably is, ‘Mr. President, so nice to meet you. Congratulations on your economy. You’re leading the world,'” Trump claimed.
He added, “America is being respected again and America is winning again because we are finally putting America first.”
Friday’s report is the first estimate of growth in the quarter and will be revised in the months ahead.
