Trump plays down fears of United States recession

President Donald Trump walks down the steps of Air Force One at Morristown Airport on Aug. 13 2019

President Donald Trump walks down the steps of Air Force One at Morristown Airport on Aug. 13 2019

- President Donald Trump dismissed concerns of recession on Sunday and offered an optimistic outlook for the economy after last week's steep drop in the financial markets.

The US president said he did not see a recession - usually defined as when an economy shrinks for two consecutive quarters.

But prominent bank economists have warned this month of a significant risk of a coming recession, and a survey of business economists, mostly conducted in July, found that 74% thought there would be a recession by 2021. Dan Mitchell, Chairman at the Center for Freedom and Prosperity joins Yahoo Finance's Akiko Fujita.

But the president is also calling on the Federal Reserve to cut interest rates again to help boost growth.

In addition to calling for the Fed to cut rates by a full percentage point, Trump also said the central bank should consider supplying "quantitative easing" as well, the term economists use to describe the Fed's efforts to restart economic growth over the 2007-2009 recession by buying bonds to lower long-term interest rates.

Another 2 per cent of those polled expect a recession to begin this year. That's down from 42% in a survey taken in February.

The financial markets last week signaled the possibility of a US recession, adding to concerns over the ongoing trade tensions and word from Britain and Germany that their economies are shrinking. Consumers are rich. Tax cut loaded up with money.

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He also complained about how Democrats had barred the network from hosting or televising the party's 2020 primary debates. In July, Trump slammed the network for hiring Democratic consultant Donna Brazile as a political commentator.

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"Our Economy is very strong, despite the horrendous lack of vision by Jay Powell and the Fed, but the Democrats are trying to "will" the Economy to be bad for purposes of the 2020 Election", he tweeted. "We're doing tremendously well", Trump told reporters. "I did a tax cut".

As far as US trade negotiations are concerned, Kudlow said trade deputies from the United States and China would speak within 10 days and could advance negotiations over ending the trade dispute between the two economic powerhouses if those talks pan out. "Majority are saying we're not going to have a recession".

"If those deputies meetings pan out, as we hope they will, and we can have a substantive renewal of negotiations, then we are planning to have China come to the United States of America and meet with our principals to continue the negotiations and the talks", Kudlow added.

Markets around the world were rattled last week by the movement in the bond markets, which also knocked stock markets.

USA economists are concerned that Donald Trump's tariffs and higher budget deficits could eventually dampen the economy.

Some analysts expressed optimism Monday, saying the longest US economic recovery in history can be prolonged if politicians reach a trade agreement.

Yesterday, US Secretary of Commerce Wilbur Ross announced that the US would delay for 90 days restrictions that the Trump administration has imposed on some of Huawei's business operations.

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