Investing.com – President Donald Trump said Tuesday a significant phase one deal with China "could happen soon” but only if it benefited the U.S. The president also said the U.S. economy has exceeded expectations by a "very wide" margin even as the Federal Reserve's previous round of tightening put the economy at a competitive disadvantage.
- Trump said at the Economic Club of New York that no country "cheated" more than China on trade, but a phase one deal "could happen soon, but we will only accept the deal if it is good for the United States and our workers and our great companies."
- Trump hailed the stunning turnaround in the U.S. economy since he took office despite monetary policy tightening by the Fed. "I did this despite a near-record number of rate increases and quantitative tightening by the Federal Reserve since I won the election," Trump said.
- "Remember we are actively competing with nations that openly cut interest rates so that many are now actually getting paid when they pay off their loan, known as negative interest. Who ever heard of such a thing?" Tump said. "Give me some of that. Give me some of that money. I want some of that money. Our Federal Reserve doesn't let us do it," Trump added.
- After years of stagnation and decline, American income and wages are rising "very fast," with GDP growing at the fastest pace in more than a decade, surpassing that of its G7 rivals, the president added.
- The S&P 500, Dow Jones 30 Futures and NASDAQ Composite were higher, but roughly unchanged since the president started speaking.