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Kudlow: Trump Doing 'Lord's Work' to Defend Economy

White House chief economic adviser Larry Kudlow. (Pablo Martinez Monsivais/AP)

By    |   Friday, 04 October 2019 11:24 AM

White House chief economic advisor Larry Kudlow Friday declared President Donald Trump is doing the "Lord's work" when it comes to defending the U.S. economy in terms of dealing with China, and said he does not believe there is a recession in sight under current numbers.

"I know everybody wants to go after President Trump, who is doing, in my judgment, he is doing the Lord's work to defend the United States' economy and national security by showing how China must change its ways," Kudlow told Fox Business' Stuart Varney.

However, when Varney asked if he could offer assurances that there will be no recession, Kudlow said it's not known what external factors could happen, but "looking at the data, both coincidental and forward-looking indicators, I believe there is no recession in sight, OK? I believe that."

Kudlow's comments come after the Labor Department's monthly employment report was issued on Friday, showing job growth has continued to increase, with the unemployment rate dropping to a near 50-year low of 3.5%, but monthly wage growth remained unchanged and manufacturing payrolls dropped for the first time in six months and retail jobs dropped.

He added that the fourth quarter will be strong, but at this time, the country is still suffering from the aftermath of monetary restraint in 2018, but now that is being removed.

Meanwhile, the biggest problem in manufacturing exports is not China, "by a long shot," but it is Europe, and Germany in particular, Kudlow said.

"We have lost 150 billion manufacturing export sales to Germany in recent months and the Eurozone, in general, is in a virtual recession," said Kudlow. "I understand people are concerned about tariffs. Hopefully, we'll talk about that but when you look at the actual evidence, look, we don't export that much to China. The loss in manufacturing exports to China is about $50 billion. The loss to Canada and Mexico is about $100 billion. Their economies are flat. The loss to Germany is $150 billion."

He also said he thinks the House's impeachment inquiry on Trump will do "virtually nothing" to the economy and only made a "modest and temporary" impact on the market when it was first announced.

"I don't want to go deep into the impeachment story," he said. "My own personal judgment ... I don't think there is a leg to stand on, but I'm not an expert. Let me say this, here's what matters, the president has instituted pro-growth, pro-prosperity policies, lowering tax rates, rolling back costly regulations, opening up the energy sector, and fighting for lower trade barriers and reciprocity and a level playing field with China and other places, OK?"

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White House economic advisor Larry Kudlow Friday declared President Donald Trump is doing the "Lord's work" when it comes to defending the U.S. economy in terms of dealing with China.
kudlow, trump, china, economy
Friday, 04 October 2019 11:24 AM
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