Trump Puts Economic Growth at Center of His 2020 Campaign (3)

2019-11-12 18:26:12.839 GMT

By Jordan Fabian
(Bloomberg) -- President Donald Trump laid out the central
pillar of his 2020 re-election campaign on Tuesday, telling the
Economic Club of New York that his policies have generated a
boom in growth and jobs.
“We have delivered on our promises and exceeded our
expectations by a very wide margin,” Trump told guests at the
New York Hilton.
The president’s remarks were closely watched on Wall Street
for any signals about the future of the U.S. economy, including
prospects for a limited trade agreement with China or any
indication he’s worried about a slowdown. Trump routinely touts
his handling of the economy, which he says is enjoying its fifth
year of uninterrupted expansion and near record-low unemployment
thanks to his trade, tax and deregulation policies.
Trump laced his speech with criticism of “far left” and
“radical” Democrats, whose policies he said would bankrupt the
nation and hurt the middle class. He criticized the opposition
party’s proposals on energy and climate change.
“You have no choice because the people we are running
against are crazy,” Trump said.
Trump said he reversed policies imposed by his predecessors
that restrained the economy. He faulted regulations and trade
deals advanced by other presidents and said the “political class
sold out American workers.”
The economy expanded at a 1.9% pace in the third quarter
and unemployment is close to its lowest in a half-century,
government data showed last week. While manufacturing has been
hurt by the U.S.-China trade war, consumers continue to spend in
a sign voters are still confident about the economy. A Bloomberg
Economics model sees the chances of an election-year recession
at just 26%.
The president said China is “dying” to make a trade deal
with the U.S. and the first step of a broader agreement is close
to being completed. “We’re close -- a significant phase one deal
could happen, could happen soon,” he said.
Trump said he’s not popular in some countries because he’s
a tough negotiator on trade.
“Just realize what I’m trying to do for you,” he said.
“It’s about time.”
The president took credit for the 2017 GOP tax cuts that
Democrats said benefited the wealthiest Americans. “At the heart
of our economic revival is the biggest tax cut and reforms in
American history,” Trump said.
Trump reiterated his criticism of the Federal Reserve,
which he has repeatedly blasted for not cutting interest rates
sooner and more drastically.
When Trump got only a smattering of applause after praising
negative interest rates in other countries, the president said:
“Thank you, thank you -- only the smart people are clapping.”
Trump also said that India and China were taking advantage
of the U.S. by being designated developing countries.
“We’re a developing country, too,” Trump said.
Trump has frequently pointed to indicators including
unemployment and stock-market highs to argue that he should not
be impeached. The House will begin public hearings Wednesday in
its probe of Trump’s effort to force Ukraine’s government to
investigate his political rivals.
“How do you impeach a President who has created the
greatest Economy in the history of our Country,” Trump tweeted
on Sept. 28.
Trump said his decision to pull out of the Paris climate
agreement boosted the U.S. economy. He called the pact unfair to
the U.S. “Trillions and trillions of dollars of destruction to
our economy would have been done,” he said.
U.S. presidents and policy makers are regular speakers at
the Economic Club, which draws its membership from major
corporations, banks and investment companies, academia and other
prominent nonprofits.
In a March 2008 speech to the group, President George W.
Bush attempted to calm investors on the brink of the financial
crisis by touting an emergency loan for Bear Stearns Cos. The
investment bank ultimately collapsed and was sold to JP Morgan
Chase & Co.
Markets have recently see-sawed in response to mixed
messages from Washington and Beijing over how much tariffs would
be lowered as part of a so-called “phase one” trade deal between
the countries.
Trump said Saturday on Twitter that unspecified reports
about the U.S.’s willingness to lift tariffs were “incorrect,”
but added that talks with China are progressing “very nicely”
and that leaders in Beijing want a deal “much more than I do.”

--With assistance from Katia Dmitrieva.

To contact the reporter on this story:
Jordan Fabian in Washington at jfabian6@bloomberg.net
To contact the editors responsible for this story:
Alex Wayne at awayne3@bloomberg.net
Justin Blum, Joshua Gallu