One day after saying the White House was considering new tax cuts to boost the economy, President Trump reversed course, telling reporters he isn't contemplating reducing capital gains or payroll taxes.
"I just don't see any reason to," he said Wednesday. "We don't need it. We have a strong economy." Trump and his aides have been pushing this narrative, saying there is no recession in sight and dismissing warning signs like an inverted yield curve last week and the growth in economic output dropping to a 2.1 percent annual rate in the second quarter, well below the 3.1 percent growth rate in the first three months of 2019.
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Trump has been urging the Federal Reserve to cut interest rates quickly, which the Journal notes is usually done when the economy is struggling. He's bashed Fed Chairman Jerome Powell on several occasions, accusing him of holding U.S. growth back, and on Wednesday, the president compared Powell to "a golfer who can't putt."
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Can Trump put his tariffs on stronger legal footing?Today's Big Question Appeals court says 'emergency' tariffs are improper
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Film reviews: The Roses, Splitsville, and TwinlessFeature A happy union devolves into domestic warfare, a couple's open marriage reaps chaos, and an unlikely friendship takes surprising turns
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New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
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Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
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US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
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NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
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Samsung to make Tesla chips in $16.5B dealSpeed Read Tesla has signed a deal to get its next-generation chips from Samsung
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FCC greenlights $8B Paramount-Skydance mergerSpeed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
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Tesla reports plummeting profitsSpeed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
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Dollar faces historic slump as stocks hit new highSpeed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
