Trump: 'I Don't Think We're Having a Recession'; 'Consumers Are Rich'

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By Susan Jones | August 19, 2019 | 7:46 AM EDT

Photo by NICHOLAS KAMM/AFP/Getty Images)

(CNSNews.com) - "I don't think we're having a recession," President Trump told reporters on Sunday as he traveled back to the White House from his club in Bedminster, N.J.

We're doing tremendously well. Our consumers are rich. I gave a tremendous tax cut, and they're loaded up with money. And they're buying -- I saw the Walmart numbers, they were through the roof just two days ago. That's better than any poll. That's better than any economist.

And we're not going to have a recession. But the rest of the world is not doing well as we're doing. The rest of the world, if you look at Germany, if you look at the European Union, frankly, look at the U.K., you have a lot of countries that are not doing well.

 

China's doing poorly. Parts of Asia are doing poorly. We are doing better than any country or even area anywhere in the world. We're doing great. And our consumer is really, really strong. It looks like they're going to be for a long time.

Also, when you go in and analyze the (bond yield) curve, the curve always means that about two years later, maybe you will go in (to recession).  That's a long time, two years. But I don't think so. Interest rates are low. I think I could be helped out by the Fed. But the Fed doesn't like helping me too much.

But frankly, we have money that's pouring into our country because they want the security of the United States. We have billions and billions of dollars daily that's pouring in. We've never had anything like this, because they want to come in to the United States. That's a great thing.

That means we can loan that money out. Mortgage rates are at an all-time low. Borrowing costs are at an all-time low. It's probably a great time. I told Secretary Mnuchin, that this is a great time to refinance our bonds or some of our bonds. You know, I mean, the money is pouring into the U.S. like never before and like no other country has ever experienced. Including China money. I mean, China money, everybody, they're all coming in to the U.S. So we've never had anything like it.

I think our economy is very, very good.

Trump said he would "be prepared" for a downturn. "We can do a lot of things," he said. "But if it slowed down it would be because I have to take on China and some other countries. Look, you have other countries that are just as bad as China, the way they treated us.

"You take a look at what's happening with the European Union. They have barriers, they have tariffs. Take a look at other -- I'm not going to mention all the countries, but you'll be surprised.”

The U.S. is treated very badly, often by our allies," Trump said.

"When of all that normalizes, we've got a rocket ship," Trump continued.

"Our country is going to be stronger by far than ever before. I mean, if I wanted to make a bad deal and settle on China, the market would go up. But it wouldn't be the right thing to do. I'm just not ready to make a deal yet. China would like to make a deal, I'm not ready."

Trump noted that China's economy just had the worst year it's had in 27 years "because of what I've done."

"You know, they're having companies lose ground -- I mean, they're leaving. The companies are leaving, and they're laying off millions of people because they don't want to pay 25 percent (tariffs). And that's why they want to come to the table. I don't think there's another reason, other than President Xi, I'm sure, likes me very much, but they're losing millions and millions of jobs in China, and we're not paying for the tariffs, China is paying for the tariffs, for the one hundredth time.

"And I understand tariffs work very well. Other countries, it may be that if I do things with other countries -- but in the case of China, China is eating the tariffs. At least so far."

 

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