Trump predicts GDP growth above 5 percent next quarter
BEDMINSTER, N.J. — President Trump predicted Tuesday that gross domestic product growth in the next quarter “could be in the 5s” — that is, higher than 5 percent.
Mr. Trump made the bold prediction Tuesday evening before a dinner at his Bedminster, New Jersey, golf resort with leaders from FedEx, Mastercard, Boeing, PepsiCo and other companies.
The president also hailed his own economic and trade policies, saying he is “taking our economy to incredible new heights” in spite of fears of damage from the escalating trade disputes he has provoked.
“You’re gonna see some really super growth,” he promised.
He acknowledged, “We’re in a little bit of a fight with China”, but predicted a “fantastic trading relationship” eventually.
On Tuesday, the Trump administration finalized a new round of 25 percent tariffs on an additional $16 billion in Chinese imports. The tariffs go into effect on Aug. 23.
The new tariffs, the latest in the ongoing trade spat between U.S. and China, target industrial supplies, chemicals, motorcycles, tractors and tractor parts, rail cars, auto parts, some iron and steel, motor and machine components and more. The finalized list of goods affected includes 279 items.
The government reported last month that the economyt in the second quarter, the fastest pace in nearly four years.
At the end of his remarks, President Trump asked the business leaders to introduce themselves. A number of them, including Fiat Chrysler CEO Michael Manley and Boston Beer founder Jim Koch, touted the president’s economic policies, including his tax cut.
The introductions began to resemble the scene at many of Mr. Trump’s Cabinet meetings, in which the president’s appointees take turns praising him. Trump jokingly noted that everyone at the dinner appeared to like him.
© 2018 CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.