U.S. President Donald Trump and top White House officials dismissed concerns that economic growth may be faltering, saying they saw little risk of recession despite a volatile week on global bond markets, and insisting their trade war with China was doing no damage to the United States.
(SOUNDBITE) (English) U.S. PRESIDENT DONALD TRUMP, SAYING: “I don’t see a recession...” U.S. President Donald Trump and top White House officials rejected the notion that U.S. economic growth may be faltering, despite data last week that indicated the country may be headed toward a recession.
(SOUNDBITE) (English) U.S. PRESIDENT DONALD TRUMP, SAYING: "We're doing tremendously well, our consumers are rich, I gave a tremendous tax cut, and they're loaded up with money.” Trump’s Sunday comments follow a rocky week for markets driven by a key bond indicator seen as a possible sign of an impending recession.
Investors also fear a global slowdown due to the U.S.-China trade war.
White House economic adviser Larry Kudlow said trade deputies from the two countries would speak within 10 days and if the meetings pan out Chinese officials would likely come to the U.S. to advance negotiations over ending tariffs.
But Trump was less optimistic on striking a trade deal with China.
(SOUNDBITE) (English) U.S. PRESIDENT DONALD TRUMP, SAYING: “China would like to make a deal, I'm not ready.” Trump also said he spoke with
CEO Tim Cook -- who Trump said “made a good case” that additional tariffs on $300 billion worth of Chinese goods, including consumer electronics- could end up hurting Apple.
(SOUNDBITE) (English) U.S. PRESIDENT DONALD TRUMP, SAYING: "One of the things he made a good case is that Samsung is their number one competitor and Samsung is not paying tariffs because they’re based in South Korea... I thought he made a very compelling argument, so I’m thinking about it.” An economic slowdown would be bad news for Trump, who is building his 2020 bid for a second term around the economy's performance.
Polls taken around Independence Day in an election year tend to be highly correlated with the November results in incumbent contests. And according to CNN, that means incumbent candidate President Donald J. Trump is in a lot of trouble. A new Monmouth University poll finds former Vice President Joe Biden with a 53% to 41% lead over Trump. The average live interview poll conducted over the last month also has Biden ahead by a similar 11-point margin.
US President Donald J. Trump is rejecting advisers' concerns about the way he's trying to get re-elected in November. According to Business Insider, Trump is convinced that divisive, angry rhetoric appealing to his core of white supporters is the key. He applied that strategy in his Mount Rushmore address, warning in an incendiary speech of an America imperiled by 'far-left fascists.
Pre-COVID-19, the White House was always one of the busiest social hubs in Washington. But since late March, it's been on virtual lockdown. This week, however, party preparation began anew. Previously laid off staff have returned this week to set up the White House July Fourth party. Guests will be front-line workers and their families, including law enforcement, doctors, nurses, and others, as well as members of the military.
[NFA] White House national security adviser Robert O'Brien on Wednesday said that President Donald Trump was not verbally briefed on a reported Russian effort to pay the Taliban to kill U.S. soldiers in Afghanistan because the intelligence was not corroborated at the time. Colette Luke has more.
CNN reports the White House had intelligence in early 2019 indicating Russian actors were offering bounties to kill US soldiers in Afghanistan. That's more than a year before President Donald Trump claimed he was not briefed on the same threat. The White House has repeatedly denied Trump had been "personally briefed" on similar intelligence this year, claiming the intel "wasn't verified.
In the US, the in-store mobile wallet space is becoming increasingly crowded. Most customers have an option provided by their smartphone vendor, like Apple, Android, or Samsung Pay. But those are often supplemented by a myriad of options from other players, says Business Insider. PayPal, banks, card issuers, major retailers, and restaurants all offer similar cards and deals. US in-store mobile payment volume will quintuple in the next five years.
National Economic Council Director and President Donald Trump’s economic advisor Larry Kudlow said systemic racism doesn’t exist. He said it doesn’t exist because former President Barack Obama won 79 million “white votes” when he ran for president. Kudlow said: "I think the American system is the best system ever devised for mankind, for history. He said “some people” are racist and there are “some bad apples” but most “have good hearts.
Senior economic adviser to President Donald Trump offered some health advice on Sunday, on CNN's 'State of the Union' program. Reuters reports Kudlow admitted people attending President Donald Trump’s campaign rally in Tulsa, Oklahoma this week should wear masks. Health experts have consistently cautioned against large gatherings such as political rallies during the coronavirus pandemic. It is a concern. Social distancing must be observed. Face coverings in key places must be observed.
When asked by a reporter about the African American unemployment numbers in the U.S. and whether those numbers are evidence of systemic racism, White House economic adviser Larry Kudlow said that he doesn't believe there is systematic racism in the U.S.
CEO of Apple Tim Cook delivers the keynote speech at Apple's virtual developer conference. Mr Cook discusses Apple initiatives to combat racial inequality and also showcases the new handwash setting on the Apple Watch.
Credit: PA - Press Association STUDIO Duration: 01:10Published
Business Insider reports that Apple CEO Tim Cook has published an open letter on racism. The letter comes after Cook and Apple faced criticism for not speaking up publicly on the death of George Floyd. In the letter, Cook describes a history of "deeply rooted discrimination" in America. He said we must do more to "guarantee freedom from fear" for every person. The letter is very similar to a memo Cook sent Apple employees earlier this week.
Apple growers are facing labour shortage ahead of plucking season due to COVID-19. As transportation services have not been restored properly, labourers are finding it tough to come back. One of the apple growers said, "Transportation services have not been restored properly, labourers are finding it tough to come. Many labourers come from Nepal, they are also facing difficulties." Apple growers have also covered their orchards with net to save the fruit from hailstorm.
President Trump on Tuesday said his administration was considering tax cuts, amid media reports the White House is working on a contingency plan to stave off the possibility of an economic recession,..