US President Donald Trump Plays Down the Fear of US Recession

Washington: US President Donald Trump has tried to reassure markets about the risk of the US falling into a recession by saying the economy was doing “tremendously well”, the media reported on Monday. “I don’t see a recession. The world is in a recession right now,” the BBC quoted Trump as saying to media persons before boarding the Air Force One from New Jersey on Sunday. “I don’t think we’re having a recession. We’re doing tremendously well, our consumers are rich, I gave a tremendous tax cut, and they’re loaded up with the money”. He also mentioned last week’s healthy profits from Walmart, the US retailer often described as the world’s biggest, and pointed to a strong performance from US consumers. “Most economists actually say we are not going to have a recession. Most of them are saying we will not have a recession, but the rest of the world is not doing well like we are doing.”

Donald Trump's remarks came after White House economic adviser Larry Kudlow had told Fox News earlier on Sunday that the US economy remained “in pretty good shape”. “There is no recession in sight,” Kudlow said. “Consumers are working. Their wages are rising. They are spending and they are saving.” (IANS)

Also Read: Finance Minister Nirmala Sitharaman Moves to Allay Economy Slowdown Fears

Also Watch: More than 300 Congress members join BJP in Sarupathar