US President Donald Trump’s top economic adviser, Larry Kudlow, understated on Sunday, August 18th, the fears of a near recession following a sharp drop in the financial markets that took place last week, reported AP.
The economic adviser said that the economy’s performance will improve in the second half of the current year 2019.
Kudlow said in press statements that the American consumers are enjoying higher wages enabling them to spend and save more, calling such a scenario “an ideal situation”.
Kudlow acknowledged the slow energy sector, however, he said that low interest rates will help housing, construction and auto sales.
“We cannot let China pursue these unfair and un-reciprocal trading practices,” said Kudlow defending Trump’s tariffs on Chinese goods.