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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsUS economy showing signs of strain amid escalating trade war
The US economy is showing more signs of strain amid President Donald Trump's multi-front trade war, with a sharp slowdown in manufacturing and a pullback by American shoppers.
Some cooling was to be expected from the red-hot pace of the past year but the drop-off in manufacturing -- especially in the struggling auto sector -- was far worse than economists had expected.
President Donald Trump has repeatedly touted the strong first-quarter growth figures as proof his economic policies and tough trade tactics are producing results.
He cited its 3.2 percent growth rate as proof the United States could weather the impact of his decision to more than double tariffs on $200 billion in Chinese goods to 25 percent as of May 10.
However, economists have long cautioned that the data include troubling signs that could point to a coming slowdown, especially as the short-term burst from the 2017 tax cuts fades away and higher tariffs bite.
US manufacturing declined sharply in April. More worrisome was the economy's total industrial output for the first three months of the year, which was much lower than originally reported, according to Federal Reserve data released Wednesday.
And retail sales fell 0.2 percent -- the mirror image of the 0.2 percent gain economists had instead predicted -- which like manufacturing was impacted by weak auto sales.
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https://www.msn.com/en-us/money/markets/us-economy-showing-signs-of-strain-amid-escalating-trade-war/ar-AABp2Ox
DeminPennswoods
(15,292 posts)is going to hit plenty of Trump voters right where they shop.
Wellstone ruled
(34,661 posts)Have been following what is called the Freight Boards,which is Truck Loads available to haul,normally once you past Xmas freight drops off for two months,just normal ebb and flow of Inventories. But,March was slim and April was even worse,should have been a trend to normal Haulage Availability,this is not good,going to be Trucking Companies going Bust in the coming months.
Iliyah
(25,111 posts)Wonder what hidden expense, cost that this effed up administration has been hiding.
W's administration hid at least a trillion cost that circled around the invasions, i.e. Iraq, et al.
I honestly believe this present administration has been raiding the treasury for personal use.